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Why Litecoin Won’t Break Out—Analytics Firm Reveals the Cause
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Litecoin Won’t Break Out—Analytics Firm Reveals the Cause

Keshav Verma
Keshav Verma
3 months ago
2 mins read
Litecoin

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The market intelligence platform IntoTheBlock has explained the reason why Litecoin has been stuck inside the $90 to $130 range recently.

Litecoin Exchange Netflow Has Followed An Interesting Pattern Recently

In a new post on X, the analytics firm IntoTheBlock has discussed about a pattern that the Litecoin Exchange Netflow has shown during the recent phase of consolidation in the asset’s price.

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The “Exchange Netflow” here refers to an on-chain indicator that keeps track of the net amount of the cryptocurrency that’s entering into or exiting the wallets associated with all centralized exchanges.

When the value of this metric is positive, it means the inflows for these platforms outweigh the outflows. Generally, one of the main reasons why investors would deposit their coins into the custody of exchanges is for selling-related purposes, so this kind of trend can be a bearish sign for LTC’s price.

On the other hand, the indicator being under zero suggests the holders are withdrawing a net number of tokens from the exchanges. Such a trend can be a sign that the investors are in a phase of accumulation, which can naturally have a bullish impact on the asset.

Now, here is the chart shared by IntoTheBlock, which shows the trend in the Litecoin Exchange Netflow over the last few months:

Litecoin Exchange Netflow
The value of the metric appears to be neutral at the moment | Source: IntoTheBlock on X

As is visible in the above graph, the LTC Exchange Netflow has displayed an interesting pattern during the last couple of months. It would seem that deposits have ramped up when the cryptocurrency has gone up to retest the $130 upper level of its recent consolidation range, while outflows have occurred during dips.

“Data suggests Litecoin traders are capitalizing on price swings, ramping up withdrawals and deposits to sell on spikes and buy on dips,” notes the analytics firm. “This pattern has helped keep LTC trading in a range between 90 and 130 for about three months.”

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Given this trend, it’s possible that the cryptocurrency would have trouble escaping out of this range, so as long as the whales continue to trade in this manner. Thus, the Exchange Netflow could be kept an eye on, to check when trader behavior finally shifts.

At present, Litecoin is trading quite near the upper level of the sideways channel, but the Exchange Netflow is still at a neutral level (that is, the inflows are balancing out the outflows). It only remains to be seen whether this is a sign that the whales are switching things up, or if it’s only a temporary deviation.

LTC Price

Most of the cryptocurrency sector has found the past day to be a red one, but Litecoin has shown divergence as its price has jumped almost 3%, reaching the $127 mark.

Litecoin Price Chart
The price of the coin seems to have been going up during the past day | Source: LTCUSDT on TradingView
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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