- Litecoin’s hash rate has contributed significantly to investor confidence since September.
- LTC may be experiencing some selling pressure now that it is overbought.
There are big expectations for Litecoin [LTC] this year, especially with the upcoming halving in 2023. It looks like the market is already gearing up for a resilient 2023 as seen in LTC price action and hash rate.
Litecoin’s hash rate has increased substantially over the past few months, mainly due to the migration of post-Ethereum miners. [ETH] merge. This is why the hash rate has increased substantially since September 2022. But what is the real performance impact of LTC in 2023?.
Litecoin is also proving to be the best of the best in terms of holding value. This is obvious because it bottomed out in June 2022 and has risen since then. Meanwhile, most of the leading cryptocurrencies fell below their June lows in the fourth quarter of 2022..
Will Litecoin bears take over?
Litecoin’s strength is also evident in its latest performance. It is trading in an upward price channel at the time of writing and has started with a strong bull run this month. For the uninitiated, the start was strong enough to push him to a new six-month high.
According to the RSI indicator, LTC’s short-term price action may experience some selling pressure as it was overbought at the time of publication. But a big pullback may not be in the picture unless the market is rigged, as The Litecoin rally is largely supported by the whales.
Moreover, a January 10th tweet revealed that Grayscale was adding heavily to its Litecoin Trust bottom. Thus, the trust grew by more than 36%.
Litecoin’s average coin age has been on a steady upward trajectory since December 17th. This was around the same time that the whales began their congregation. Thus, investors should keep an eye on this indicator to determine when the whales will start dumping their LTC..
So far, there has been some whale activity in the past few days. However, this was a far cry from the number of whale transactions seen in the first two weeks of December 2022. Thus, there was not much pressure from LTC sellers.