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Litecoin May Start Sell-Off, Falling to $49, Prominent Analyst Says

Mon, 12/12/2022 - 11:40
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Yuri Molchan
While biggest whales keep acquiring LTC, this analyst issues bearish warning for Litecoin
Litecoin May Start Sell-Off, Falling to $49, Prominent Analyst Says
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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.

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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.

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at