Analyst Ali Martinez turned his attention toward "digital silver" Litecoin, saying he sees a likely sell signal that may start soon on a LTC chart.
Meanwhile, the largest whales on the network have added a staggering amount of Litecoin over the past month.
Litecoin could drop to $62 or even $49, per Martinez
The analyst has shared an LTC chart in his recent tweet, stating that nine green candles on this weekly graph are forming a bearish signal for Litecoin. The sell-off that may start could push the price of one of the oldest cryptocurrencies down to $62 from the $77 level shown on the chart or even send it down to $49, per 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.
#Litecoin | The TD Sequential presents a sell signal in the form of a green 9 candlestick on $LTC weekly chart. The bearish formation could result in a downswing to $62 or even $49 for #LTC. pic.twitter.com/eni5YNfMx6— Ali (@ali_charts) December 12, 2022
Whales have accumulated biggest LTC supply since 2017
Popular data aggregator Santiment has shared that whales who already held 1 million LTC or more in their wallets have bought more LTC over the past month. During the past five weeks, to be precise, these investors have added an almost $3 million equivalent of 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.
⚡️🐳 #Litecoin's mega #whale addresses are holding their highest level of available supply since June, 2017, according to @santimentfeed data. In the past 5 weeks, 2.95M $LTC were accumulated by addresses with 1M or more coins held, valued at $219.6M. https://t.co/rPH0qqqs6p pic.twitter.com/ZbIv0hECpc— Santiment (@santimentfeed) December 12, 2022
Roughly a week ago, U.Today reported that massive amounts of Litcoin that had stayed dormant for many years were moved from an ancient wallet. This accelerated LTC growth above the $83 high, adding 8% to the price back then.