$LTC 💹 whales add 7% more wallets in 5 months – Yet LTC is stuck near $44
$LTC 💹 whale and sharks' wallets continued to expand, rising 7% over the past five months.
Since Litecoin crashed to a low of $40, the altcoin has traded within a parallel consolidation range within a broader downtrend. Litecoin has held between $40 and $44 for seven consecutive days, signaling a market at a decision point.
Interestingly, despite the extended market weakness, Litecoin whale and shark wallets have continued to grow.
What’s it about LTC?
Despite the expanding whale and shark wallets, Litecoin remains structurally weak. The altcoin has traded within a descending channel over the past month, reflecting strong bearish pressure.
The Directional Movement Index (DMI) further validates this market bearishness. ADX surged to 55 while the negative index jumped to 30.
At the same time, the positive index dropped to 6. When ADX and -DI both rise while the +DI drops, it suggests the downtrend is extremely strong.
Historically, such a momentum setup has preceded poor price actions. Thus, if prevailing market conditions persist even as whales and sharks accumulate, LTC could see extended sideways movement.
However, if speculation around LitVM strengthens, Litecoin could breach $44 and target $50.