Cryptocurrency markets are starting to recover from the FTX crisis. All eyes, however, are on the Fed’s rate decisions to be made on Wednesday. Analysts inform their followers by examining altcoin projects that can make price jumps or witness big decreases in the whole process. Cryptocurrency analyst Ali Martinez is one of these analysts. Martinez said that he is examining Litecoin, which is called “digital silver”. According to him, LTC is giving a huge sell signal. Here are the details..
Analyst warns: Altcoin price may fall to these levels
Cryptocurrency analyst Ali Martinez warned investors, saying he was watching the LTC chart. The analyst also said that he saw a potential sell signal in the digital silver metrics. However, Litecoin is one of the altcoin projects that are often closely followed by cryptocurrency whales. Even the biggest whales on the network have accumulated massive amounts of Litecoin over the past month.
The analyst shared an LTC chart in his last tweet. He stated that the nine green candles on this shared weekly chart constitute a bearish signal for Litecoin. The sell-off that could begin could lower the price of one of the oldest cryptocurrencies, LTC, from the $77 level shown on the chart to as low as $62. Martinez said that according to the indicators, the price could drop as low as $49. However, LTC has dropped about 3 percent in the last 24 hours. According to data provided by CoinMarketCap, the altcoin price is currently trading at $74.5. LTC has lost 3.6 percent in the last week. The analyst explained in his tweet:
LTC is giving a sell signal in the form of a green 9 candlestick on its weekly chart. A bearish formation could result in a dip to $62 or even $49 for LTC.
Whales have accumulated massive amounts of LTC
Popular data aggregator Santiment shared that whales holding 1 million LTC or more in their wallets bought more LTC last month. However, over the past five weeks, these investors have added about $3 million worth of Litecoin to their holdings. This is currently the highest accumulation of LTC these whales have held since June 2017. In fiat currency, it is worth more than $220 million.
As we reported on Kriptokoin.com, a large amount of Litcoin that had been dormant for many years was moved from an old wallet last week. This propels LTC growth above the $83 high. It also added 8 percent to the price at the time.
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