🔥🔥Litecoin (LTC) Investors Are Selling at a Loss 🔥🔥
Yesterday, Litecoin (LTC) broke through the falling wedge formation, showing increased buying pressure. The altcoin has been trading in this formation since March 31.
Although this development was an important turning point in the upward direction for the altcoin, some investors who took advantage of the rally and sold their assets suffered significant losses.
Litecoin Investors Suffered Loss
An asset trades in a falling wedge formation when its price moves between two downward sloping trend lines. While the upper trend line determines the resistance level, the lower trend line serves as support.
Litecoin started moving in this formation on March 31, and its price dropped 27% during this time. As of writing, the altcoin is trading at $71.74.
When the price of an asset closes above a falling wedge formation, this is considered a bullish signal. This indicates that buyers have prevailed over sellers and the price may follow an upward trend. However, on-chain data revealed that some market participants who took advantage of this break and sold their assets suffered significant losses yesterday.
This is supported by the decline of the coin's Network Realized Profit/Loss (NPL) metric; Yesterday this metric fell to -5.25 million.
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