Litecoin (LTC) holders are mostly in profit as the whales continue to raise more money. So is the Litecoin bull close?
The on-chain data for Litecoin provided by IntoTheBlock shows three bullish indicators for the coin simultaneously. The indicators mentioned are net network growth, number of addresses and concentration of funds.
Net network growth
According to the on-chain data provided, Litecoin’s net network growth is currently up 1.89%. The metric measures the change in the total number of Litecoin addresses.
Following the continued positive trend on the metric, the number of Litecoin holders is also increasing significantly, which is also reflected in the trading volume, which has increased by almost 100% since the beginning of the month.
As the volume of funds for Litecoin is steadily increasing, it is important for investors to stay on the money, which means staying above the market entry point. Currently, 70% of Litecoin holders stay in money, which is the average value of an asset moving in an uptrend. In the current market, only 18% of traders and investors are at a loss. 12 percent of market participants are “in the money,” meaning they are either new entrants to the market or have been holding their positions open since September when Litecoin was trading at the same price.
Fund concentration points to changes in whale-level positions in the market. The metric is considered bullish, as large addresses pile up rather than spend money. The absence of selling pressure in the market allows assets to move. So a bull season for Litecoin is quite likely.
Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy. Keep following the SinceCoin.