Ah, Litecoin—once the darling of the crypto seas, now adrift in a stormy bear market. The charts whisper of further doom, even as the whales circle like hungry sharks. 🦈
As of Friday, Litecoin (LTC) was floundering at $93.80, a pitiful 36% drop from its yearly peak. It’s barely clinging to this month’s low of $83.33, like a sailor clutching a piece of driftwood in a tempest. 🌊
On-chain metrics? A mixed bag, comrade. The number of holders remains steady at 8.6 million, a small beacon of hope. But the whales? They’re making waves. Whale transactions surged to 227 on Friday, up from 167 earlier in the week. Are these sophisticated investors buying the dip, or just playing a cruel joke on the rest of us? 🤔
Then there’s the 365-day mean dollar invested age (MDIA), which has climbed to 600 from 500 earlier this year. A sign of accumulation, they say. Or perhaps, a sign that everyone’s too stubborn to sell. 💎
Why the sudden interest? Maybe it’s the hope of a spot LTC ETF approval by the SEC. Or maybe it’s just because Litecoin is dirt cheap, with its MVRV Z score scraping the bottom of the barrel. A falling MVRV? That’s the crypto equivalent of a “50% off” sticker at a flea market. 🏷️
Technical Analysis: The Plot Thickens
The daily chart paints a grim picture. LTC has sunk below the critical $112.50 support level, the highest swing in March 2024. It’s formed a rising wedge pattern—a classic bearish setup. And if that wasn’t enough, there’s a bearish flag pattern, too. 🏴☠️
Oh, and let’s not forget the mini death cross, where the 50-day and 100-day moving averages have crossed paths like two ships in the night. This increases the odds of a bearish breakdown, despite the encouraging on-chain metrics. If it happens, the next stop could be $80, the lowest point in 2025. Brace yourselves, folks. ⚓
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2025-03-21 20:08