Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.