Convergence

Accumulate

Litecoin

Divergence

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-accumulate-litecoin-despite-price-drop/" data-wpel-link="internal">Investors Accumulate Litecoin Despite Price Drop</a><br></p>
<p style="text-align: justify">In recent weeks, the <strong>Litecoin (LTC)</strong> price had entered a downtrend and saw its lowest level since February. Despite this price drop, it is noteworthy that large <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> continue to accumulate Litecoin. Since mid-May, Litecoin, which has shown poor price performance, has not lost the interest of whales.</p> 
<h2 id="on-chain-analysis-of-ltc">On-Chain Analysis of LTC</h2> 
<p style="text-align: justify">On-chain analysis shows that this group of large investors continues to accumulate LTC. Since the beginning of June, there has been a 2% increase in the number of whales holding between 10,000 and 1,000,000 tokens. This group has now reached 613 addresses, the highest level seen in March. These large investors hold 56% of Litecoin’s total circulating supply. Despite the price drop, the increase in tokens by large investors usually indicates that they see this drop as a buying opportunity and believe the <a href="https://en.coin-turk.com/sec-actions-ignite-sharp-rise-in-themed-memecoins/" data-wpel-link="internal">token</a>‘s value will increase in the <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future</a>.</p> 
<p style="text-align: justify">However, for a significant increase in Litecoin’s price, a change in market sentiment is needed. Currently, this sentiment metric is at -0.021, indicating negative market sentiment, which could usually signal a continuing price drop. Currently, <strong>Litecoin</strong> is trading at $71.58, and the token’s value has dropped by 17% in the last month. The Moving Average Convergence Divergence (MACD) indicator predicts that the price drop may continue. This indicator is used to identify potential buy and sell signals.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-364562 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/ltc.jpg" alt="" width="761" height="286"></p> 
<h2 id="sell-pressure-on-ltc">Sell Pressure on LTC</h2> 
<p style="text-align: justify">Litecoin’s MACD line is below the signal line and the zero line. This could mean that the short-term moving average is below the long-term moving average and is considered a bearish signal. Therefore, investors usually interpret this as a signal to sell or open a short position.</p> 
<p style="text-align: justify">If the sell pressure increases, the <strong>Litecoin</strong> price could drop to $70.50. However, if sentiment turns from negative to positive and buying momentum increases, the token’s price could rise to $74.61. To determine Litecoin’s future price movements, market sentiment and technical indicators need to be closely monitored. While whale accumulation is seen as a positive sign in the long term, caution is advised in the short term.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/investors-accumulate-litecoin-despite-price-drop/" data-wpel-link="internal">Investors Accumulate Litecoin Despite Price Drop</a></h5>

Investors Accumulate Litecoin Despite Price Drop

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