Crypto Currency News
Bitcoin
$67,521.12
-655.86
Ethereum
$3,446.55
-89.9
Litecoin
$71.23
-2.78
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$26.81
-1.56
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Litecoin price is stuck between two massive walls, while on-chain metrics are bearish

  • Litecoin price is currently capped in an ascending triangle pattern on the 4 hour chart.
  • It appears that LTC whales have sold significant quantities of the coin, indicating strong selling pressure.

Litecoin is currently trading at $ 83.71 in an ascending triangle pattern on the 4-hour chart. Several on-chain metrics show that large LTC investors are selling, adding selling pressure in the market and shifting odds in favor of the bears.

Litecoin is facing strong selling pressure and a possible jump towards USD 60

It appears that Litecoin whales have sold a lot of coins over the past week as the number of holders with 100,000-1,000,000 coins has dropped from 121 on Nov. 18 to 114 today. Additionally, there are two fewer whales holding between 1,000,000 and 10,000,000 ($ 83,000,000 and $ 830,000,000), which is significant.

LTC Holders distribution diagram

On the 4-hour chart, the Litecoin price has developed an ascending triangle pattern. A break below the lower bound of the pattern would propel LTC towards a $ 60 lows.

ltc price

LTC / USD 4 hour chart

Conversely, if bulls can restore the 50 SMA support level on the 4-hour chart, Litecoin price could rise towards the upper trendline of the pattern. A breakout above this point would take the digital asset to a high of $ 116.

ltc price

LTC IOMAP chart

At the same time, the IOMAP (In / Out of the Money Around Price) chart shows a strong resistance between $ 83 and $ 88.5 and a significant support area between $ 83.26 and $ 80.81.

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