Litecoin (LTC) whales have seen a surprising change in their behavior as they have become active over the past few days. According to on-chain analyst Aaryamann Shrivastava, regular activity is not unusual as the LTC funds being moved are open, but the sudden random spikes raise questions.
Why Litecoin whales suddenly took action
Transactions exceeding $100,000 are seeing spikes earlier this month, but they crossed their “normal” threshold about 72 hours ago and yesterday, they’ve been around for over a year reached the highest level.
Now that they’re known to do such high-value transactions, one might wonder if they might be whales too. But cross-checking the on-chain data for whale movement makes it clear that these are not necessarily whales. Also, transactions worth over $1 million are still lower than ever, making this even more likely to be whale behavior.
Is there fear among LTC whales?
For the above reasons, it’s just the wealthier communities circulating such Litecoin (LTC) volumes, either out of fear or in confidence. The question is, which of the two reasons was the motivation? Considering that these spikes occurred simultaneously as LTC approached the bottom of the market, it seems that these sudden movements were caused by fear. The week before April 12 did not support the altcoin and as a result, LTC returned to its descending wedge, testing the lower trendline for support.
So, as soon as the green candles start appearing in the next few days, investors have mobilized their LTC to make as much profit as possible and others who have bought it, as prices continue to rise. they did it to position themselves for profit. This is confirmed by the fact that the buy and sell orders, even at the time of writing, have a difference of only 15 thousand LTC in favor of the buyers. Aaryamann Shrivastava, whose analysis we cite as
Kriptokoin.com, thinks that Litecoin is testing the upper trendline for support that will help reduce fear, and as a result, this whale thinks we may see transactions slowing down.
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