Litecoin whales are heavily accumulating LTC

Key points:

• Reportedly, whales holding more than 1 million LTC have increased their numbers in the last month.
• Over the past five weeks, these whales have purchased nearly $3 million worth of Litecoin.
• As Litecoin whales accumulate, the community speculates that a breakout may be imminent. However, one analyst dismissed those expectations by pointing to a possible sinking.
• Ali Martinez revealed that nine green candles on LTC’s weekly chart provide a bearish signal. Sales are being prepared. Expect this to push the price of the asset to $62 or even $49.
• While the fate of fortunes remains uncertain, these LTC whales see great potential.

Litecoin [LTC] takes a backseat as new crypto assets emerge. While the development around the web hasn't taken a backseat, the asset's popularity has. However, times are definitely changing as digital silver makes a comeback.

Litecoin whales are active again, according to new data curated by on-chain analytics firm Santiment. Reportedly, whales holding more than 1 million LTC have increased their numbers in the last month. Over the past five weeks, these whales have purchased nearly $3 million worth of Litecoin.

 

It should be noted that Litecoin recently made headlines after the removal of large amounts of LTC from dormant wallets.

As Litecoin whales accumulate, the community speculates that a breakout may be imminent. However, one analyst dismissed those expectations by pointing to a possible sinking.

Can Litecoin Drop to $49 Lows?

Renowned analyst Ali Martinez raised the possibility that LTC could drop to a low of $49. In a recent tweet, Martinez revealed that nine green candles on LTC’s weekly chart provide a bearish signal. Sales are being prepared. Expect this to push the price of the asset to $62 or even $49.

Notably, LTC is trading at $76.97 at press time, up 3.16% on a daily basis. However, the weekly price change was negative at 5.49%.

Additionally, the asset’s daily trading volume has also increased. Over the past 24 hours, LTC’s trading volume has increased by 25.85% to $436,203,272. While the fate of fortunes remains uncertain, these LTC whales see great potential.