- 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 / 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 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.