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Cryptocurrency News Articles
Litecoin (LTC) Shrimp Holders Dump 45.2K Coins as Price Drops -36% Since April Peak: Santiment
Aug 27, 2024 at 04:59 pm
Market intelligence and on-chain analytics platform Santiment has highlighted a dip in Litecoin shrimp holders – wallet addresses with less than 1 LTC.
Litecoin price analysis: Shrimp holders capitulating, a sign of bullish reversal?
Market intelligence and on-chain analytics platform Santiment highlighted a dip in Litecoin shrimp holders – wallet addresses with less than 1 LTC. According to the analytics firm, these wallets have sold off a net 45,200LTC, an occurrence that might be signaling a “turnaround.”
“Litecoin has not been lighting social forums on fire with its market value dropping -36% since its April 1st peak. A sudden liquidation of 45.2K net 0.1-1 LTC wallets indicate that small traders are finally capitulating out of the OG crypto asset.
Small fish impatiently ‘jumping ship’ is often a turnaround sign for an asset to begin turning bullish once again,”
76% of Litecoin wallets in loss
The selling has occurred as the price dropped from highs above $110 early April. After bouncing from lows of $56 following the August 5 crypto crash, Litecoin is back below $64 and at major support around $60.
As reported by IntoTheBlock, the In/Out of the Money indicator is bearish. Around 76% of addresses are in a loss at current price and only 18% are in profit. Of note, 22% of addresses have held LTC for less than a year and could be part of the capitulating small holders.
However, 78% of wallets have held the altcoin for over a year.
Litecoin price chart
On the daily chart, both the RSI and MACD indicators suggest bears might be able to push Litecoin price lower.
The price is below the 50-day SMA, which could act as the primary resistance level around $66. On the other hand, further weakness could see LTC seek the demand reload zone around $55.
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