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Potential Rally for Litecoin (LTC) as Holders Resist Selling Pressure

May 1, 2024

Litecoin (LTC), often seen as the silver to Bitcoin's gold, is currently trading under a critical resistance level. Should LTC succeed in turning this level into support, it has the potential to push its price to $90 and beyond.

Interestingly, Litecoin holders are playing a significant role in supporting the potential rally by opting to hold onto their LTC rather than selling for profits.

As LTC price bounces back from a recent decline in mid-April, holders are actively contributing to the recovery by minimizing selling pressure. The distribution of active addresses by profitability reveals that a small percentage of addresses are currently profitable, while the majority are looking to secure gains.

The reluctance of profitable addresses to sell their LTC could strengthen the recovery and drive Litecoin's price upwards. Additionally, a substantial amount of LTC in circulation is on the brink of turning profitable, prompting holders to refrain from selling in anticipation of potential price increases.

If Litecoin can successfully breach the key resistance at $86 and continue to rise above $87, it may pave the way for LTC to reach $100. However, failing to maintain this momentum could lead to a correction to $79, potentially invalidating the bullish trend.

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