Bearish Technicals and Whale Activity Signal Further LTC Price Decline

Litecoin (LTC) has plunged into a deep bear market, trading at $93.80, which marks a 36% drop from its peak this year. The coin is hovering just above its monthly low of $83.33, with technical analysis indicating further downside. On-chain metrics provide a mixed picture: while the number of whale transactions has increased from 167 to 227, suggesting that sophisticated investors are accumulating LTC in anticipation of a rebound (possibly linked to an SEC approval for a spot LTC ETF), other indicators cast a bearish tone. Litecoin’s technical chart features a rising wedge pattern, bearish flag, and a mini death cross as the 50-day and 100-day moving averages cross, pointing to a potential breakdown. Additionally, the MVRV ratio has dropped to its lowest level in months, indicating that the asset is undervalued but still vulnerable. Should LTC break below key support at $112.50 and then fall to approximately $80, it could signal a prolonged downward trajectory, despite the hopes of ETF approval driving some accumulation.