LTC whales could signal next Litecoin price move once profit booking halts


20 Nov 2023 11:55 PM

Litecoin price rise might have tapped out sooner than expected, but as with the rest of the crypto market, one cannot ascertain what lies next for the altcoin. ...

  • Litecoin price has been experiencing a bearish downturn after a period of profit saturation.
  • Whale addresses holding between 100,000 and 1 million LTC are acting as a buy/sell signal for the market.
  • The overall macro profit percentage suggests that investors are prone to selling for gains, potentially leading to a price fall.
  • The price indicators, such as MACD and RSI, indicate a likely decline in Litecoin price to $63.10.
  • However, if LTC holders refrain from selling and hold on, the bearish conviction could weaken, leading to sideways movement before a potential bullish momentum.
  • The next move of Litecoin whales, who currently hold 25.65 million LTC, will provide a hint at whether the cryptocurrency will rise or decline.
  • The Market Value to Realized Value (MVRV) ratio for Litecoin indicates that investors who purchased LTC in the past month are sitting at nearly 20% profit, making them prone to selling and triggering a sell-off.
  • All signs point to a decline in Litecoin price, but the market's direction ultimately lies with the whales.

The sentiment in the article is mostly negative, as it suggests a potential decline in Litecoin price and highlights the selling pressure from whale addresses and profit-seeking investors.

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