Whales, Charts, and Litecoin: The Crypto Circus Continues! 🎪

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Ah, Litecoin! The little coin that could, but seems to have misplaced its map somewhere between the realms of hope and despair. This week, it finds itself in a rather snug little range, as crypto investors prepare for the new Trump era—because nothing says “financial stability” quite like a reality TV star in charge. Meanwhile, the potential for an ETF approval looms like a carrot on a stick, but alas, the whales are playing a game of “let’s see who can sell the fastest.” 🐋💨

Litecoin Price At Risk As Whales Sell

On-chain data, which sounds suspiciously like something out of a sci-fi novel, reveals that our dear Litecoin whales have been busy dumping their coins like they’re last season’s fashion. The price has plummeted by nearly 20% from its dizzying heights, and the Santiment chart below is about as cheerful as a cat in a bathtub. It seems these whales, often regarded as the wise sages of the crypto sea, decided to cash in when Litecoin hit $141 last week. Smart move, or just a case of the jitters? 🤔

And lo! The other chart shows a spike in the Network Realized Profit/Loss figure, which is just a fancy way of saying that the whales sold at the top and are now lounging on their yachts, sipping something fruity. They seem to think the price might take a nosedive before they decide to wade back into the waters of accumulation. 🏖️

LTC Hash Rate And Transaction Count Have Dropped

In addition to the whale drama, Litecoin’s hash rate has taken a tumble, which is like the network saying, “I need a nap.” It dropped from a high of 1.94 TH/s to a rather sleepy 1.83 TH/s, falling below the 30-day average. It’s like watching a marathon runner suddenly decide that sitting on the couch is a better option. 💤

As if that weren’t enough, the number of transactions is also on a downward spiral, with the 7-day average of transactions sitting at a cozy 197.7k, which is slightly better than the current 190k. It’s like a party where everyone decided to leave early. 🎉

LTC Price Forms 2 Risky Patterns

Now, let’s talk about patterns—no, not the kind you find in a sewing class. Litecoin has formed a double-top-like chart pattern, which is about as reassuring as a cat with a laser pointer. This pattern consists of two peaks (around $141.4) and a neckline (at $86), and it usually signals a bearish reversal. So, if you’re holding your breath for a price surge, you might want to exhale. 😬

Additionally, LTC has also crafted a small bearish pennant pattern, which is like a flag waving goodbye to any hopes of a quick recovery. It’s often followed by a breakdown, which is just delightful news for anyone with a penchant for drama. 🎭

Litecoin Price Targets

Thus, Litecoin remains in a precarious position as long as it lingers below the double-top level at $141. The initial target? A cozy little spot at the neckline of $86.85, which is about 25% below the current level. Just think of it as a discount! 🏷️

On the bright side, if Litecoin manages to leap over $141, it could invalidate the bearish outlook and aim for a glorious surge, possibly reaching $200. The catalyst for this bullish breakout? The rising odds of ETF approval, which is like a fairy godmother waving her wand. 🪄

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2025-01-24 17:28