Litecoin faces bearish Pressure Despite Whale Activity
Litecoin’s price has taken a hit this year, entering a bear market. Currently, it’s at $93.80, a 36% drop from its yearly high. This dip is near the month’s lowest point of $83.33.
On-chain data shows a mixed picture. The number of Litecoin holders remains stable at 8.6 million. However, whale transactions have risen, hitting 227 on Friday, up from 167 earlier in the week. This spike indicates that big investors are buying, possibly expecting a price recovery.
One vital metric, the 365-day mean dollar invested age, has climbed to 600 from 500.This rise suggests that holders are accumulating the coin. Yet,the price action hints at further declines. The daily chart reveals a drop below the crucial $112.50 support.A rising wedge adn bearish flag patterns signal more losses. The 50-day and 100-day moving averages have formed a mini death cross, a bearish signal. If the trend continues, the next key level to watch is $80, the lowest point in 2025. Whales are active,but the technicals aren’t promising. The coin’s price is below the $112.50 support. A rising wedge and bearish flag patterns point to continued downward pressure. The MVRV Z-score, a measure of market value versus realized value, is at its lowest in months.A low MVRV Z-score means the coin might be undervalued. Still, the market is cautious. The death cross of moving averages adds to the bearish outlook. Despite this, whales are showing interest. More whales are moving LTC, which could mean they see potential in the coin.
Investors are keeping an eye on the SEC’s decision on a spot LTC ETF. Approval could boost prices. The MVRV Z-score, which compares market value to real value, is at a recent low. This score suggests Litecoin is cheap, attracting buyers.
Litecoin’s price drop has sparked debate. Some see it as a buying prospect. The Santiment data shows growing whale activity. Whales are buying, hoping for a rebound. The coin’s price could fall further, with $80 as the next target. The death cross of moving averages supports this bearish view. But, the MDIA indicator, tracking coin age, shows increased holder interest. This could mean a price rise if the SEC greenlights a spot ETF. The MDIA jump to 600 from 500, showing long-term holders are holding onto their coins. This could mean a price rise if the SEC approves a spot ETF. The MVRV Z-score drop hints at a potential rebound.Yet, the death cross of the 50-day and 100-day averages crossing signals a bearish trend. The death cross often predicts a price drop. But, whales’ interest is a positive sign. It shows they beleive in Litecoin’s future. The coin’s price is below the March 2024 high. The bearish flag pattern on the chart confirms the downtrend.The death cross of moving averages signals a bearish trend. Yet, whale transactions are up, which is usually a bullish sign. Whales might be preparing for a price surge.
Litecoin’s future depends on regulatory news. An ETF approval could drive prices up. The coin’s price could rise if the SEC approves a spot ETF. The death cross of moving averages hints at more losses.The bearish flag pattern on the daily chart supports this. The death cross of moving averages is a bearish signal. The death cross frequently enough predicts a price fall. The death cross of moving averages is a bearish indicator. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish indicator. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal.The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal.The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. the death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal.The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The death cross of moving averages is a bearish signal. The
