🔥🔥Litecoin (LTC) Whales Push Exchange Inflows Amid Price Drop 😮👇
Litecoin (LTC) has seen a significant increase in large-holder coin flow to exchanges in the last week, indicating that LTC whales are preparing to sell their tokens to prevent further losses. The Moving Average Convergence Divergence (MACD) indicator supports the bearish trend, suggesting continued selling pressure, which could push LTC's price down to $63.98.
Litecoin’s non-stop price decline in the past few weeks has caused some of its large holders to send their coins to cryptocurrency exchanges. On-chain data shows that the coin’s large-holder netflow has surged by over 464% in the last seven days, indicating that large holders are preparing to sell their tokens. Currently, LTC trades at $65.73, falling by almost 15% in the past seven days.
Assessing LTC’s financial statistics explains why its large holders have been selling. Currently, 5.93 million addresses, representing 72% of all LTC holders, are “out of the money,” meaning the current market price of LTC is lower than the average cost at which these addresses purchased their tokens. Conversely, 2.08 million addresses, representing 25% of all LTC holders, hold their coins at a profit.
Readings from LTC’s MACD indicator confirm the bearish bias toward the altcoin. If this trend continues, LTC’s price may drop to $63.98. However, if market sentiment shifts from bearish to bullish, it may drive the coin’s value up toward $68.60.
I would advise a cautious approach when investing in $LTC Always do your own research and consider the risks involved before making any investment decisions.
