- LTC’s price is down 3.97% over the last 24 hours.
- Whales are currently holding their highest level of supply since June 2017.
- The altcoin’s price may drop further if it drops below the 20-day EMA line.
The price of Litecoin (LTC) has dropped over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the price of LTC is trading at $74.37 after a 3.97% drop in price. This has pushed the altcoin’s negative weekly price performance further down. Currently, LTC is down 10.51% over the last 7 days.
LTC has also weakened against both crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.66% and 1.80% respectively.
Santiment, the blockchain intelligence firm, tweeted this morning that mega whale addresses for LTC are holding “their highest level of available supply since June 2017.” The tweet added that wallets holding 1 million and more LTC coins have collectively accumulated 2.95 million LTC in the past 5 weeks. At current prices, this is approximately worth $219.6 million.
Bears are attempting to bring the price of LTC below the 20-day EMA line when looking at the daily chart for LTC/USDT. Currently, the 9-day EMA is still positioned above the 20-day EMA, which is a bullish sign. However, this bullish sentiment will be eradicated if the 20-day EMA cannot support LTC’s price over the next 24 hours.
Another indicator that has the flag bearish is the daily RSI line which is positioned below the daily RSI SMA line. Furthermore, this line is also sloped negatively towards the oversold territory. Should the bearishness persist, the price of LTC may drop to as low as $69.17, which is the next support level.
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