With the advent of new crypto assets, Litecoin [LTC] took a backseat. While developments pertaining to the network did not take a backseat, the asset’s popularity surely did. However, times were certainly changing as digital silver was making a comeback.
According to recent data curated by on-chain analytics firm Santiment, Litecoin whales were active once again. Whales that were harboring more than 1 million LTC had reportedly expanded their holdings over the last month. Throughout the previous five weeks, these whales have purchased nearly $3 million worth of Litecoin.
Elaborating on the same, Santiment tweeted,
“Litecoin’s mega #whale addresses are holding their highest level of available supply since June, 2017, according to @santimentfeed data. In the past 5 weeks, 2.95M $LTC were accumulated by addresses with 1M or more coins held, valued at $219.6M.”
It should be noted that recently, Litecoin made headlines after a significant amount of LTC was moved from dormant wallets.
With Litecoin whales increasing their holding the community speculated that a breakout could be approaching. However, an analyst shattered these expectations by hinting at a possible downfall.
Could Litecoin drop to a low of $49?
Prominent analyst Ali Martinez laid out the possibility of LTC dropping to a low of $49. In a recent tweet, Martinez revealed that nine green candles on the weekly chart of LTC were formulating a bearish signal. A sell-off was in the making. This is expected to drive the price of the asset down to $62 or even $49.
It should be noted that at press time, LTC was trading for $76.97 with a 3.16 percent daily surge. However, its weekly price change was at a negative 5.49 percent.
Additionally, the daily trading volume of the asset also witnessed a spike. Over the last 24 hours, LTC’s volume grew by 25.85 percent pushing it to $436,203,272. While the fate of the asset remains uncertain, these LTC whales saw huge potential.