Litecoin Price Prediction: LTC at risk of significant downfall as whales go into selling frenzy


  • The number of LTC whales has sharply dropped in the last two weeks.
  • The digital asset is barely holding itself above a crucial support level.
  • Litecoin seems to favor a bearish move down to $220.

Litecoin price is facing significant selling pressure as large holders are selling their positions. This could quickly drive LTC down to new lows if a crucial support level fails to hold.

Litecoin price might not be able to hold critical support point

On the 4-hour chart, Litecoin price is trading above the 100 SMA by just a few cents. A 4-hour candlestick close below this support level will most likely drive Litecoin down to the 200 SMA at $220. 

ltc price

LTC/USD 4-hour chart

This seems like the most likely scenario because the number of whales holding between 100,000 and 1,000,000 coins has sharply dropped from 118 on April 6 to 108 currently, which indicates they have been selling and adding even more selling pressure to the digital asset. 

ltc price

LTC Supply Distribution

Additionally, on the 4-hour chart, there is also a bearish flag forming which also adds pressure to the digital asset and has a breakdown price target at $180.

ltc price

LTC/USD 4-hour chart

However, the number of active addresses in the past 24 hours also hit its highest point since January 2018, indicating that investors are heavily interested in the digital asset and want to buy at current prices.

ltc price

LTC Network Growth

If LTC bulls can hold the 100 SMA support on the 4-hour chart, Litecoin price could see a rebound toward $270 and $285, two previous highs in the last three days. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin Price Prediction: DOGE positions itself for rally that may never come

Dogecoin price seems to have formed a bottom as it set up a higher low at $0.30 on June 12. Overcoming the resistance level at $0.328 and setting up a higher high above $0.355 could begin the upswing. However, the buyers’ inability to push past the immediate supply barrier at $0.328 or $0.367 might result in a reversal.

More Dogecoin news

Theta Price Prediction: THETA primed for another potential downswing

Theta price has been rejected twice at $9.636, coinciding with the 62% Fibonacci retracement level. While THETA might pierce the said level or beyond it, a rejection here seems likely. A decisive close below 50% the Fibonacci retracement level at $8.504 will signal the downtrend’s start.

More Theta news

Goldman Sachs expands crypto desk with Ether options, futures despite recent correction

Goldman Sachs is looking to expand its crypto offerings beyond BTC as institutional adoption continues. The investment bank intends to offer options and futures in Ether in the coming months. The head of digital assets at the firm stated that clients are banking on current price levels following the recent downswing. 

More Cryptocurrencies news

Four reasons why XRP price could set new-all time high above $5

XRP price is forming an inverse head-and-shoulders pattern, which projects a 603% rally to $5.53. Social volume for the remittance token has hit 42, a level last seen in early April before the start of the bull run.

More Ripple news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP