This effectively reflects that Litecoin miners have sold 210,000 LTC (approximately $14 million) over the past 20 days. Such large sales by miners in a short period of time have a negative impact on asset prices for two main reasons.
First, the newly mined 210,000 LTC trickling into circulation will dilute near-term market supply and increase selling pressure as price approaches key support levels. Additionally, the continued selling trend among influential stakeholders such as miners may deter new entrants from entering the LTCUSD market for fear of congestion.
In summary, this explains why LTC price failed to break out of the key $70 resistance level as August 2024 draws to a close.
LTC Price Prediction: Bulls are currently fighting to defend $60 support
As of August 23, Litecoin is trading around $65, with bulls struggling to maintain the $60 support level. The daily chart of LTCUSD shows two major technical indicators: Keltner Channel (KC) and Parabolic SAR, both of which indicate a bearish trend.
First, the Keltner channel indicates that Litecoin has not been able to maintain its recent upward momentum.
