- Despite a significant drop in Litecoin’s price over the past month, whales continue to accumulate the cryptocurrency, suggesting a potential long-term bullish sentiment.
- Litecoin’s price has dropped by 18% in the last 30 days, pushing the majority of LTC holders into losses.
- However, certain metrics hint at a possible trend reversal, with an increase in the number of addresses holding 10,000–100,000 LTC.
Whales continue to buy Litecoin despite a significant price drop, hinting at a potential long-term bullish sentiment. This article delves into the recent market trends and what they could mean for the future of Litecoin.
Litecoin’s Double-Digit Drop
Over the past 30 days, Litecoin’s price has seen a significant decline of more than 18%, according to data from CoinMarketCap. This price drop has resulted in the majority of LTC holders incurring losses. Data from IntoTheBlock reveals that only 43% of LTC holders are currently in profit. The declining price action has also negatively impacted the coin’s social metrics, with Litecoin’s social volume remaining low according to Santiment data.
Whale Activity and Potential Trend Reversal
Despite the price dip, whales have seized the opportunity to accumulate more LTC. This is evident from the rise in the number of addresses holding between 10,000 and 100,000 LTC. Additionally, long-term holders appear reluctant to sell LTC, as indicated by the green Hodler Net Position Change chart. This chart shows the monthly position change of long-term investors (HODLers), suggesting a long-term bullish sentiment as whales and long-term holders anticipate a rise in LTC’s price in the coming weeks or months.
Whale Activity Paying Off
The buying pressure from whales may have contributed to a trend reversal for LTC as the market turns bullish. In the last 24 hours, the coin’s price has increased by 1.5%. At the time of writing, LTC is trading at $82.17 with a market capitalization of over $6.1 billion. The coin’s Fear and Greed Index indicates that the market is currently in a “fear” phase, which often hints at a potential price uptick. This recent price uptrend is accompanied by a rise in LTC’s Open Interest, suggesting that the bullish trend may continue.
Conclusion
Despite a significant price drop over the past month, whales continue to accumulate Litecoin, suggesting a potential long-term bullish sentiment. While the market is currently in a “fear” phase, certain metrics hint at a possible trend reversal. However, only time will tell whether this bullish sentiment will translate into a sustained price recovery for Litecoin.
