The recently released new FOMC MoM has compressed the crypto space as most coins, including Bitcoin, have been trading in a very tight range. Meanwhile, Litecoin has seen several bullish weekly closes and has flipped and tested what seems to be a fairly decisive resistance-to-support level at this point.

LTC price was on fire due to the hype surrounding the “halving event”. Now with just a month left for the event, the bears have capitulated on the rally. The price attempted to break above the $115 resistance but was rejected multiple times at the $113 resistance. Currently, the price is showing a clear downtrend below $105 and may soon test sub-$100 levels.

Despite the sluggish market behavior and volatile prices, LTC millionaire addresses continue to accumulate. According to data from popular on-chain platform Santiment, addresses holding more than 10,000 LTC coins are slowly increasing their holdings.

With the accumulation increasing, the platform speculates that another fresh rally may be imminent.

“The number of Litecoin millionaire addresses is increasing with the halving less than a month away. The price corrected during the July 4 break, but don’t be surprised if there is another LTC rally as whales accumulate”

However, in the short term, Litecoin price broke out of the falling wedge, which gave a bullish signal for the cryptocurrency. The price set a massive bullish hourly candle that could break the prevailing bearish influence on the cryptocurrency. Therefore, Litecoin price is expected to first rise above the $108 resistance and then strongly retest the $110 level.