Market
Litecoin (LTC) Whales Increase Their Exchange Inflows
Litecoin (LTC) has witnessed a significant uptick in large-holder coin flow to exchanges in the last week.
This is due to the steady fall in the coin’s value and large holders’ desire to prevent further losses. As of this writing, LTC trades at $65.73, falling by almost 15% in the past seven days.
Litecoin Whales Sell Their Holdings
Litecoin’s (LTC) non-stop price decline in the past few weeks has caused some of its large holders to send their coins to cryptocurrency exchanges.
On-chain data show that the coin’s large holder netflow has surged by over 464% in the last seven days.
This metric measures the net amount of tokens that large holders transfer into or out of exchanges. When it surges, more tokens are being transferred from large holders’ wallets to exchanges. This indicates that this cohort of investors is preparing to sell their tokens. This could result in an increase in selling pressure and further price decline.
On the other hand, when the metric declines, it suggests that large holders are withdrawing their tokens from exchanges, possibly to hold them for a longer term. This is sometimes due to market uncertainty or them simply waiting for a better opportunity to enter new positions.
Assessing LTC’s financial statistics explains why its large holders have been selling. Currently, 5.93 addresses, 72% of all LTC holders, are “out of the money.”
An address is considered out of the money if the current market price of an asset is lower than the average cost at which the address purchased the tokens it currently holds.
Conversely, 2.08 million addresses, representing 25% of all LTC holders, hold their coins at a profit.
Read More: Litecoin: A Complete Guide to What it is And How it Works
The steady decline in LTC’s price will lead to an uptick in the number of investors holding at a loss. Therefore, to prevent investment losses, LTC whales have intensified profit-taking activity.
LTC Price Prediction: The “Nays” Have it
Readings from LTC’s Moving average convergence/divergence (MACD) indicator confirm the bearish bias toward the altcoin. Traders use this indicator to gauge price trends, momentum, and potential buying and selling opportunities in the market.
As of this writing, LTC’s MACD (blue) rests below its signal (orange) and zero lines. When an asset’s MACD is set up this way, it is a bearish sign that suggests that selling activity outweighs buying momentum.
If this trend continues, LTC’s price may drop to $63.98.
However, if market sentiment shifts from bearish to bullish, it may drive the coin’s value up toward $68.60.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.
- Ethereum started a fresh surge above the $2,720 resistance zone.
- The price is trading above $2,750 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,950 resistance.
Ethereum Price Extends Its Increase
Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.
It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.
Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.
An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.
A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,820
Major Resistance Level – $2,950
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BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.
- BNB price started a downside correction from the $612 resistance zone.
- The price is now trading above $590 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $588 level to start another increase in the near term.
BNB Price Holds Support
After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.
There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.
The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.
More Losses?
If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.
The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $595 and $578.
Major Resistance Levels – $605 and $612.
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