According to the crypto data site CoinMarketCap, over the past 24 hours, the price of Litecoin (LTC) has fallen by 3.97% to the level of $ 74.37. The weekly decrease in LTC was -10.51%.
LTC also weakened in tandem with the two leaders of the cryptocurrency market bitcoin (BTC) and Ethereum (ETH) by 2.66% and 1.80%, respectively.
Experts of the analytical company Santiment wrote on Twitter that at the moment LTC megawhales addresses have "the highest level of available supply since June 2017."
In addition, it is added that wallets containing 1 million or more LTC have collectively accumulated 2.95 million LTC over the past 5 weeks. At current prices, this is about $ 219.6 million.
LTC/USDT Daily Chart (Source: CoinMarketCap)
Judging by the daily LTC/USDT chart, the bears are trying to lower the LTC price below the 20-day EMA line. Currently, the 9-day EMA is still above the 20-day EMA, which is a bullish sign. However, this bullish sentiment will come to naught if the 20-day EMA fails to support the LTC price over the next 24 hours.
Another indicator with a bearish flag is the daily RSI line, located below the daily RSI SMA line. This line also has a negative slope towards the oversold zone. If the bearish mood persists, the LTC price may fall to $69.17, which is the next support level.
