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