Satoshi

Litecoin

Solana

Bitcoin

Reversal

<p>Litecoin suffered a major holder exodus in early 2023, with <a href="https://twitter.com/santimentfeed/status/1732594971180679280" target="_blank" rel="noopener noreferrer nofollow">on-chain analytics firm Santiment</a> reporting that 199,000 LTC wallets have dumped their holdings already this year. The rapid 10-day plunge marks 2023’s most severe drop so far after a difficult latter half of 2022.</p>
<h2 class="wp-block-heading" id="consolidation-precedes-steep-decline">Consolidation Precedes Steep Decline</h2>
<p>In the days leading up to the wallet dump, Litecoin traded rangebound between roughly $69 and $75. Though far below its all-time high above $400 from 2021’s blow-off top, LTC had at least stabilized after declining momentum in previous months.</p>
<p>Its rangebound action showed balance on the charts, with buyers defending support around $69 and sellers pressuring resistance at $75. However, this fleeting equilibrium rapidly deteriorated.</p>
<h2 class="wp-block-heading" id="199k-holders-bail-in-10-days">199K Holders Bail in 10 Days</h2>
<p>Per Santiment, the number of LTC holders shedding their positions exploded in the past few days 2023. Approximately 199,000 wallets that held tokens merely 10 days ago had sold off everything by the time Santiment published its analysis.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="686" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-1024x686.png" alt="" class="wp-image-393259" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-1024x686.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-767x514.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-1536x1029.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-2048x1372.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-224x150.png 224w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-522x350.png 522w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-154-788x527.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p>
<p>The massive holder exodus marks 2023’s steepest drop already, outpacing the increased FUD and selling pressure seen since October 2022 when broader macro conditions began deteriorating significantly.</p>
<h2 class="wp-block-heading" id="oversold-conditions-could-spark-ltc-reversal">Oversold Conditions Could Spark LTC Reversal</h2>
<p>However, Santiment suggests that extreme fear and holder capitulation often markchet bottoms for cryptoassets like LTC. And with so many investors panicking and running for the exits, buyer exhaustion may soon pave the way for an influx of dip-buyers.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/bitcoin-btc-skyrocketed-the-last-three-times-this-bullish-signal-appeared/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) Skyrocketed The Last Three Times This Bullish Signal Appeared</a></li>
 <li><a href="https://captainaltcoin.com/solana-loses-uptrend-analyst-warns-failure-to-hold-support-could-result-in-sol-falling-to-this-price/" target="_blank" rel="noopener noreferrer nofollow">Solana Loses Uptrend; Analyst Warns Failure to Hold Support Could Result in SOL Falling to This Price</a></li>
 <li><a href="https://captainaltcoin.com/end-of-year-crypto-boom-mantle-filecoin-and-rebel-satoshi-poised-for-growth/" target="_blank" rel="noopener noreferrer nofollow">End-of-Year Crypto Boom: Mantle, Filecoin, and Rebel Satoshi Poised for Growth</a></li>
</ul>
<p>Especially given Litecoin’s substantial 55% decline against Bitcoin over the past five months alone, opportunistic traders likely have their eyes on LTC for mean reversion plays. Now having washed out nearly 200,000 holders already in 2023, the major tailrisk event and selling mania may already be priced in at this point.</p>
<p>So if holders remain resilient going forward and dip-demand returns to scoop up discounted LTC, bearish momentum could soon shift.CopyRetry</p>
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<p>The post <a href="https://captainaltcoin.com/litecoin-sees-biggest-2023-drop-as-199k-wallets-dump-ltc-in-10-days/" rel="noopener noreferrer nofollow">Litecoin Sees Biggest 2023 Drop as 199K Wallets Dump LTC in 10 Days</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Litecoin Sees Biggest 2023 Drop as 199K Wallets Dump LTC in 10 Days

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