- Whale wallet dumped 540K LTC since June 24, adding selling pressure across the market.
- Funding rates turned negative, with traders increasingly betting on more downside for LTC.
- LTC risks falling to $77.19 support zone unless bulls reclaim $87.55 soon.
Litecoin’s been getting a little shaky lately. After getting smacked down at resistance earlier this week, LTC’s hanging around $84 as of Wednesday—trying to hold its ground, but signs are leaning bearish. On-chain data isn’t helping the mood either. One big whale wallet’s been dumping since late June, and now traders are starting to hedge for more downside.
Whale Starts Selling, Funding Flips Bearish
So here’s the scoop. Santiment data shows a chunky whale wallet—holding anywhere between 100,000 and a million LTC—has unloaded around 540,000 tokens since June 24. That’s not exactly bullish. When these big holders start offloading, it tends to spook the market, or at the very least adds a bit of extra sell-side weight.
And if that wasn’t enough, funding rates have flipped negative, according to Coinglass. The OI-weighted rate dipped to -0.0062%, meaning shorts are now paying longs to keep their bets open. Historically, when this happens (just like back on June 18), price tends to follow suit and head lower.
Basically, the sentiment has turned… not great.
Chart Action Looks Weak, But There’s a Catch
Price-wise, Litecoin got rejected pretty hard at the 50-day EMA—around $87.55—on Monday. That level also lines up with the top of a falling wedge pattern, so it’s a big one. Since then, LTC slipped about 5.4%, now chilling near $83.79. If it keeps fading, the next level to watch is down around $77.19, which lines up as weekly support.
RSI? Sitting around 44. That’s under the neutral 50 mark, so it’s definitely not screaming strength. MACD isn’t helping either—there’s a bearish crossover forming, which usually signals more downside if it confirms.
Still… if bulls somehow wake up and volume picks up, we might see a shot back toward that $87.55 mark. Just don’t bet the house on it.
