April’s been a month of notable news for the so-called “silver to Bitcoin’s gold.”
Litecoin, created by former Google and Coinbase engineer Charlie Lee back in 2011, announced the 70th million coin was mined on April 6th. The announcement made headlines as the total maximum supply of Litecoins sits at 84 million. The 70 million mark is a significant milestone.
But other news emerging around the same time painted a more somber picture of the coin’s future, at least in the short term.
Analytics platform Santiment detected Litecoin transactions on April 5th that signified “an indicator of mid-term price direction shifts,” according to reporting from CoinTelegraph.
Daily transactions among Litecoin whales were at their highest levels earlier in April since December 2021. Past research reveals spikes in daily Litecoin whale activity that precede price declines for the cryptocurrency, leading many to believe the coin might keep dipping in value.
From April 5th to the 9th, Litecoin slid from a high of around $126 down to about $112.
However, others project more positive trends after reviewing the activity of long-term investors. For example, Rekt Capital projected an early LTC/USD rebound earlier in April, citing a “falling wedge” bullish reversal pattern.
Litecoin has struggled over the past several months, as the crypto sat at about $278 back in November 2021. Lee has remarked in the past that Litecoin shares similar price movements to Bitcoin, leading some to speculate Litecoin might not strongly rebound until Bitcoin enjoys a sustained rally.