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Litecoin: A rise in sell pressure could still reap these LTC holders some profits

Litecoin: A rise in sell pressure could still reap these LTC holders some profits
  • Litecoin’s short-term sellers may gain advantage from LTC’s ongoing value motion 
  • Litecoin ranked #1 as the most important cryptocurrency by median maintain 

Crypto traders that purchased Litecoin [LTC] after the FTX crash had been reaping the advantages following its bullish efficiency. LTC turned out to be one of the best cryptocurrency to carry within the medium time period. Nevertheless, Litecoin’s present outlook advised that it may be about to surrender a few of its current features.

Learn Litecoin’s [LTC] value prediction 2023-2024

In its newest improve, the Litecoin Basis famous that LTC took the #1 spot as the most important cryptocurrency by median maintain. This meant that Litecoin holders had decrease losses than different cash within the medium time period and this was largely due to its upside.

Litecoin delivered an total constructive efficiency after discovering favor with traders. It rallied by as a lot as 72% from its month-to-month low to its present month-to-month excessive. A take a look at its newest value motion revealed an attention-grabbing remark that may point out a doubtlessly sizable bearish retracement forward.

A comparability between Litcoin’s value and Relative Energy Index (RSI) revealed a price-RSI divergence. LTC’s value managed to attain a brand new month-to-month excessive final week in comparison with the earlier excessive within the first week of November. Curiously, Litecoin’s RSI achieved a decrease excessive final week as in comparison with the earlier excessive.

Litecoin price action

Supply: TradingView

This sample might be thought of bearish as a result of it underscores decrease relative power for the underlying asset. On this case, Litecoin’s value motion may be about to expertise a surge in promote stress. Particularly if the general market circumstances fail to enhance in favor of the bulls.

Is Litecoin promote stress increase?

A take a look at some Litecoin metrics already indicated that some notable adjustments had been occurring. For instance, its velocity slowed down between 27 and 29 November. On the identical time, the Age Consumed metric registered extra exercise, indicating that cash which were held for a while had been exchanging arms.

Litecoin velocity and age consumed

Supply: Santiment

The above metrics confirmed that there was a noteworthy enhance in promote stress noticed between 27 and 29 November. A take a look at handle flows revealed a rise in each the sending and receiving addresses over the last 48 hours. This was affirmation of elevated exercise however the variety of receiving addresses had been barely increased than sending addresses.

Litecoin exchange flows

Supply: Glassnode

The upper receiving addresses confirmed that there was nonetheless some demand at LTC’s present degree. Nevertheless, this may occasionally not present a complete view of the place demand is headed. A take a look at Litecoin’s provide distribution may be higher suited to gauge directional momentum.

The availability distribution metric revealed that many of the massive addresses classes leveled out. In different phrases, they weren’t contributing to promote or purchase stress. That being mentioned, addresses holding between 1,000 and 10,000 LTC have continued trimming their balances within the final two days.

Litecoin supply distribution

Supply: Santiment

This provide distribution metrics remark advised the next chance of promote stress dominating Litecoin within the subsequent few days. If these observations end up correct, then brief sellers may need a possibility forward.

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