Litecoin is still declining on Friday, November 7, trading at $25.42, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
The latest significant low was hit, and the coin continued its long term downtrend, with the current move probably being the last one before a pull back or a reversal. The market is approaching its bottom, where the investors will start creating their long term portfolios.
On H1, meanwhile, the price is testing the local channel support. In case it ends with a breakout, the price will move down to the projection support at $20.10. The Stochastic is meanwhile converging, which may mean a correction is near. Thus, after the price hits $20.10, it may head upwards to $27.30. Still, the major downtrend target is as low as $14.00.
The so-called ‘whales’ are buying out both Ether and LTC. According to Diar, Litecoin has been much in demand over the last few weeks. The daily turnover increased as well, with the major part of that coming from 40 most active wallets.
The major difference between how whales buy Ether and LTC is that they use existing wallets for ETH and new ones for LTC. On the one hand, these may be new investors eager to buy cheap crypto; on the other, however, these may be seasoned investors signing up for new wallets, too, just because they don’t want to attract the market’s attention.
Anyway, the purpose of this is finding a good entry for buy orders when the market is selling off cryptos in panic. This creates a lot of good offers across the board, which welcomed by the investors.
This week, on Dec 4, there were transactions of LTC 36M ($1.16B) coming in a very short period of time. 50 wallets got 45M coins more than they sold, says Whale Watcher, an LTC user. A part of those wallets may belong to exchanges, but these can also be ‘whales’. Some say, however, it was just a single crypto tycoon.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
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