Litecoin (LTC) witnessed some selling momentum early in the week as bears dominated the market again. The resulting slump has pushed Litecoin towards the August support mark, putting the alternative token in uncertainty territory. Meanwhile, Litecoin’s supply distribution confirms uncertainty among LTC investors.
Whales with 100K and 1 million $LTCs added to their wallets over the past two days. Contrarily, addresses with 10K – 100K tokens recorded outflows at that timeframe. These whale cohorts currently dominate the highest LTC supply, 35.17%, and 18.15%, respectively.
Whales with over one million tokens boasted a low outflow margin. However, they could have contributed to this week’s downside. The absence of unification among whales brings uncertainty concerning price direction. The present macroeconomic atmosphere also triggers investor clarity absence. Meantime, LTC’s dormant circulation reveals a different tale.
Where LTC’s Smart Money Leans
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The 3-month dormant circulation shows more market players resorted to HODLing their tokens in September’s first week. Consequently, stagnant assets within the past 90 days plummeted over the previous seven days.
Litecoin’s dormancy shows investors are optimistic about a possible bullish breakout from the altcoin. That matched the uptick in daily active address count within the past 24 hours. LTC’s price action attained some uptrends within the past day. That confirmed address activity accounted for most of the buying momentum.
The subsequent minute uptick confirmed a low buying volume. Alternatively, the current sell strength could have canceled the token’s buying pressure. Litecoin still traded around its August support mark after retesting the level last week. Litecoin’s smart money could look bullish, especially after recording some upticks beneath the Relative Strength Index (RSI).
Nevertheless, the current fight between bears and bulls will likely continue. The broad market outlook underscored a dip in selling momentum that emerged on September 5. Though that backs the upward expectations, it doesn’t guarantee such outcomes.
Litecoin enthusiasts should watch overall market actions for profitable executions. The digital asset space presented impressive upticks during this publication. Bitcoin escaped levels beneath $20K, gaining 5.02% over the past day to trade at $20,313.31. Maintaining such tendencies would support LTC’s upside endeavor.
