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Litecoin Faces Bearish Trend Despite Recovery From 2023 Lows

Published 04/10/2023, 21:40

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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