Litecoin (LTC), which had recovered from its 2023 low of $58 to briefly retest $70, is now facing a bearish trend, according to data from IntoTheBlock. This comes in the wake of a decline in trading activity by LTC whales following the August 2 halving event.
The cryptocurrency's large traders, or 'whales', have reduced their trading activity to a 40-day peak of 2,900 transactions. This reduction in large-scale trades could potentially affect Litecoin's price and market liquidity negatively.
This trend seems to coincide with a bullish sentiment in the altcoin market, which may be attracting these large traders to more profitable opportunities. The Exchange Order Books and Exchange On-chain Market Depth charts have confirmed this bearish trend for Litecoin, showing more sell orders than buy orders.
Despite facing significant resistance at $65, a bearish reversal under $60 is predicted. This is based on data showing that 775,030 LTC holders bought at an average price of $63, and 8.05 million LTC were bought at a minimum price of $68.
The current situation continues to evolve, and the market will be closely monitoring the actions of these large traders and their potential impact on Litecoin's price and liquidity.
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