While biggest whales keep acquiring LTC, this analyst issues bearish warning for Litecoin
Analyst Ali Martinez turns his attention to “digital silver” Litecoin, adding that he sees a potential sell signal that could be triggered soon on the LTC charts.
Meanwhile, the largest whales on the network have added a staggering amount of Litecoin over the past month.
Litecoin Could Drop to $62 or $49 Per Martinez
The analyst shared an LTC chart in his recent tweet, adding that the nine green candles on this weekly graph are giving a bearish signal for Litecoin. The sell-off that could start could push the price of one of the oldest cryptocurrencies down to $62 from the $77 level shown on the charts or even send it down to $49 according to Martinez.
At the time of this writing, LTC is already down a little, changing hands at $74.55, according to data provided by CoinMarketCap, and it shows a 3.41% drop in the past 24 hours, making it a more than 10% fall in the past week.
Whales Accumulate Largest LTC Supply Since 2017
Popular data aggregator Sentiment shared that whales who already hold 1 million LTC or more have bought more LTC over the past month. Over the past five weeks, to be exact, these investors have added the equivalent of $3 million in Litecoin to their holdings.
This is now the highest stash of LTC these whales have been holding since June 2017, and it is worth more than $220 million in fiat.
About a week ago, U.K. Today had reported that a massive amount of Litecoin that had been lying dormant for years was moved from an ancient wallet. This spurred LTC’s rise above the high of $83, giving the price an 8% gain at the time.
