Litecoin miners offloaded their holdings as the MVRV dropped to 16.12%. Key metrics underlined resilient buyer support at $119 despite...
miners recently intensified their selling pressure across the board, with on-chain data showing significant supply movements. In fact, the cryptocurrency was trading at $119.06 at press time, down 4.96% in the last 24 hours. It had a trading volume of 156.29k, as miners continued to adjust their positions amid the market’s volatility.miners’ holdings, with supply levels dropping to approximately 645k LTC from previous peaks of 655k.
In fact, the MVRV’s downward trajectory since December alluded to the cooling of speculative interest, potentially signaling a shift towards a more sustainable market valuation. The Accumulation/Distribution line also noted remarkable strength, climbing steadily to 67.37M from 60M in March 2024. This can be interpreted to be a sign of sustained buying pressure, despite miner sell-offs.The Chaikin Money Flow oscillating around 0.07 provided some additional context, indicating that despite recent price weakness, buying pressure has been marginally stronger than selling pressure.
Finally, despite the hike in selling pressure, the price has maintained support above the crucial 50-day moving average, demonstrating underlying market strength.miner behavior appears disconnected from the broader market sentiment. While miners continue their methodical sell-off, possibly due to profit-taking or operational costs, steady accumulation metrics hinted at strong buyer interest at press time levels.
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