Litecoin Miners Are Piling on Sell-Pressure, Could This Cause LTC to Drop Below $80?

2023-3-29 18:18

Litecoin (LTC) has slipped below $90 in another futile approach at the $100 milestone. An in-depth analysis of the underlying on-chain data reveals how Litecoin miners have recently depleted their reserves. Will LTC lose the $80 price support again? 

The $100 milestone has posed major resistance to the current Litecoin bull rally. 

Litecoin Miners are Selling 

Litecoin (LTC) leverages the unique properties of blockchain technology to offer secure and low-cost cryptocurrency payments. Proof-of-Work validators on the Litecoin network are currently depleting their reserves at an increasing rate. 

According to data provider IntoTheBlock, Litecoin miners have been selling off their coins recently. Between March 11 and March 27, they offloaded nearly 1.1 million coins worth $100 million. 

Litecoin (LTC) Miner Reserves. March 2023, Source: IntoTheBlock

In general, when miners sell off their tokens, it is typically seen as a bearish signal. It indicates a potential oversupply of the asset in the market. This increased selling pressure could lead to further dowsing in LTC prices in the coming weeks. 

Litecoin is Overbought

Similarly, the recent spike in Network Value to Transactions (NVT) ratio on the Litecoin network validates the bearish outlook for LTC. Santiment computes the NVT ratio by dividing a token’s market capitalization by the daily volume of transactions. 

As depicted below, the NVT ratio has risen progressively, from 6.70 to 9.33 between March 11 and March 28. 

Litecoin (LTC) Network Value to Transactions (NVT) ratio, March 2023. Source: Santiment

The increased NVT ratio of the Litecoin network implies an impending price downswing as the underlying asset is currently overbought. In summary, with such a high NVT ratio, if Litcecoin miners maintain the current selling trend, LTC holders can expect an extended decrease in price within the coming weeks. 

LTC Price Prediction: $80 is the Next Stop

According to the Exchange Market Depth data compiled by IntoTheBlock, Litecoin is poised to drop below $80. The Exchange Market Depth chart depicts major buy and sell zones based on the limit orders currently placed by Litecoin traders on exchanges.

As seen below, LTC will likely decline until it approaches the $80 zone, where the 4.37 million buy orders can offer support.  But, if that buy wall does not hold, LTC could approach $71, where exchange traders have placed orders for another 7.5 million coins. 

Litecoin (LTC)  Exchange Market Depth, March 2023. Source: IntoTheBlock

Still, the bulls can force an upswing if Litecoin rises above the $90 zone. But to scale $90, it has to clear the resistance of 7.16 million LTC sell orders. However, if that resistance does not hold, then LTC holders can expect a further upswing to $100. 

The post Litecoin Miners Are Piling on Sell-Pressure, Could This Cause LTC to Drop Below $80? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Litecoin (LTC) на Currencies.ru

$ 89.95 (-0.76%)
Объем 24H $1.251b
Изменеия 24h: 3.89 %, 7d: 11.24 %
Cегодня L: $82.16 - H: $90.8
Капитализация $6.766b Rank 22
Цена в час новости $ 89.71 (0.27%)

ltc below litecoin cause drop miners piling

Источник: beincrypto.com

ltc below → Результатов: 126


Litecoin Price Analysis & Prediction (Feb 5th) – LTC Encounters Solid Resistance After Charting 30% Gains in a Month

As expected, Litecoin witnessed rejections at a key resistance line after charting several gains in the past week. It will likely provide a big opportunity for short traders below $90. Litecoin was eyeing the $100 mark level a few days ago, but the rally stopped, and it suspended the target due to the sudden price […]

2023-2-6 09:03


Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap

Litecoin has been having a hard time recently, and it would appear that its struggles haven’t stopped yet as the coin has now dropped below Shiba Inu in terms of market cap. Litecoin Has Taken A 15% Beating During The Past Week While the last week has been red for most of the coins in the crypto market as the FUD due to the controversy around Binance’s Proof-of-Reserves has spread, LTC has taken an especially hard hit during the period.

2022-12-19 16:50


Фото:

Additions to the crypto wallet – Litecoin (LTC), Decentraland (MANA), and FIREPIN Token (FRPN)

The cryptocurrency industry continues to grow at a rapid rate and has infiltrated most facets of society including sports, TV and film, music, and art. With most cryptos, especially the most influential ones, several levels below their all-time high following $1 trillion being wiped off the global crypto market value in January of this year, […]

2022-3-9 20:53


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Can Litecoin (LTC) Price Reclaim $100 as Network Growth Climbs?

Litecoin (LTC) has maintained the $70 level for 3 consecutive days, a trend not seen since August. On-chain analysis sheds light on the factors driving this rally. The post Can Litecoin (LTC) Price Reclaim $100 as Network Growth Climbs? appeared first on BeInCrypto.

Why Litecoin (LTC) Price Might Stay Below $100 Amid Crypto Market Rebound

The recent crypto market rebound following Grayscale's victory over the Securities and Exchange Commission (SEC) has seen altcoins bounce back. However Litecoin (LTC) appears to be a laggard - Can it reclaim $100 in the future? The post Why Litecoin (LTC) Price Might Stay Below $100 Amid Crypto Market Rebound appeared first on BeInCrypto.