Litecoin price was showing some signs of recovery about two weeks ago, but it failed to sustain the bullish momentum, resulting in minor corrections.
While broader market cues are to be blamed for this, a lot of the credit goes to the whales, too, whose disappointing performance has impacted the altcoin.was closing in on breaching not only the barrier at $69 but also flip the 50-day Exponential Moving Average . A successful retest of these levels would have established them as a support floor, which is important in reclaiming the 100- and 200-day EMAs as well as pushing the altcoin towards $80.
Failing the breach, LTC fell back to test the support at $63, with the Relative Strength Index also hovering in the bearish zone below the neutral line at 50.0. Generally, a test of the neutral line as support is considered a confirmation of a bullish signal, which is reflected in the price bouncing back.
At the moment, whales have been conducting transactions amounting to just $1.22 billion, which is the lowest recorded figure since December 2020. This dip certainly is concerning since even the daily average is well above $11 billion at its lowest.The reason why their lack of activity is more concerning is because these addresses hold close to 9 million LTC tokens worth $567 million at the market price.
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