- The parabolic SAR within the 12-hour chart has flipped from bullish to bearish.
- The whales wish to promote their holdings.
Litecoin bounced up from $53 on November 4 to $64.25 on November 7. Nonetheless, the worth has since been on a downtrend and appears to be on the right track for charting a collection of decrease highs and lows. Let’s look do some technical and on-chain evaluation to foretell LTC’s future worth motion.
Technicals flip bearish
Litecoin dropped from $64.25 on November 7 to $58 on November 10. This fall prompted the parabolic SAR to flip from bullish to bearish. Whereas the most recent candlestick has jumped to $59.65, the general market momentum stays bearish, as indicated by the MACD.
LTC/USD 12-hour chart
The upside is capped off on the $61 resistance barrier, which is a stable degree, as seen within the every day confluence detector. The assist partitions defend the draw back at $59.25, $57.85 and the 50-bar SMA ($55.50). A break beneath these partitions will take the worth all the way down to the 200-bar SMA ($53.15) and 100-bar SMA ($51.20). These ranges look sturdy sufficient to soak up any residual promoting strain.
LTC confluence detector
Santiment’s holders distribution helps us see how the whales have been behaving. The variety of tokens holding 1,000 to 10,000 tokens dipped from 3,750 on October 5 to three,649 on the time of writing. Equally, the variety of addresses holding 10,000 to 100,000 tokens dropped from 408 to 405 within the final 24 hours.
LTC holders distribution
Litecoin is presently going by means of main worth motion. The assist partitions defend the draw back at $59.25, $57.85 and the 50-bar SMA ($55.50). These partitions needs to be sturdy sufficient to soak up an amazing quantity of promoting strain.