Litecoin may be headed for a cliff as price to RSI divergence manifests. LTC metrics still highlight strong demand, but some whales are taking profits. Litecoin [LTC] was taking advantage of its press time bull run to build a favorable image. Some might say that it was trying to steal some of Bitcoin’s [BTC] shine. […]
An important trait that Litecoin highlighted was that it was four times faster than BTC. While such a statement may come off as an attempt to makeIf anything, both cryptocurrencies have co-existed in the same market and one does not pose a threat to the other. Litecoin has so far delivered an impressive rally, but is it really a better option for this bull run?revealed that at the time of writing, it was up by roughly 51% from its lowest 12-month level in June 2022.
Meanwhile, both the RSI and MFI have experienced some slippage, indicating trend weakness. This observation revealed a price-RSI divergence, which was often a sign of an upcoming bearish move. LTC’s supply distribution showed that some of the largest and most dominant whales were selling already selling at the time of writing.Addresses holding between 100,000 and one million coins currently control the largest percentage of LTC’s supply.
Despite this, the whale transaction count is still low, confirming that there is low sell pressure for now. The mean coin age metric is has also stuck to an upward trajectory, hence suggesting that investors are still holding on to their LTC coins. The last time that Litecoin had a price to RSI divergence, there was a retracement in the following days. It might happen again in the next few days. However, investors have to consider that the market dynamics remainedRead the best crypto stories of the day in less than 5 minutes
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