- Litecoin price fell 18% in the last 30 days.
- Some metrics hinted at a change in trend.
Litecoin [LTC] Bears dominated the coin’s price action last month as it lost a substantial amount of its market capitalization.
The drop pushed LTC to 20th place on the list of top cryptocurrencies by market capitalization. However, whales have now started accumulating LTC.
Litecoin’s double-digit drop
According CoinMarketCap, Litecoin price fell more than 18% in the last 30 days. The massive price drop caused losses to most LTC holders.
AMBCrypto’s look at IntoTheBlock data revealed that only 43% of LTC holders made profits. The precise and declining action also affected the coin’s social metrics.
AMBCrypto’s analysis of Santiment data revealed that Litecoun’s social volume remained low.
Furthermore, its weighted sentiment remained in the negative zone for most of last month. This indicated that the bearish sentiment around the currency was dominating the market.
However, as the price of the coin dropped, the whales took the opportunity to buy more coins. This was evident by the increase in the number of addresses with between 10,000 and 100,000 LTC.
Aside from that, AMBCrypto also found that long-term holders were reluctant to sell LTC as its net Hodler position change chart remained in the green.
Hodler Net Position Change shows the monthly position change of long-term investors (HODLers).
The green chart gave a long-term bullish notion as it suggested that whales and LTHs expect the LTC price to rise in the coming weeks or months.
Whale activity is paying off
Buying pressure on LTC from whales could have influenced LTC’s trend reversal as the market turned bullish. The price of the coin increased by 1.5% in the last 24 hours.
At the time of writing, LTC was trading at $82.17 with a market capitalization of over $6.1 billion. The coins Fear and Greed Index indicated that the market was in a “fear” phase.
Every time the metric reaches that level, it indicates a price increase. The recent bullish price trend was accompanied by a rise in its open interest, indicating that the bullish trend could continue.
To better understand whether this trend would last, AMBCrypto reviewed Litecoin’s daily chart. We found that the MACD showed a bullish crossover.
Read Litecoin [LTC] Price prediction 2024-25
The coin price was also close to its 20-day exponential moving average (EMA). A successful break above that resistance could allow LTC to recover from last month’s price drop.
But not everything was bullish, as the Chaikin Money Flow (CMF) registered a drop. This indicated that LTC may not be able to break above its 20-day EMA.
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This is an automatic translation of our English version.
