Litecoin (LTC) price has dropped to $89, down 18% from its recent peak of $115 recorded on July 3. Long-term investors have started selling as fears of the perennial “Halving doom” rears its head again.
LTC has a much-publicized historical trend of retracing drastically in weeks leading to a Halving event. With only a week to the August 2 estimated Halving date, bearish fears have gripped the Litecoin ecosystem.
Litecoin Long-Term Holders Have Started Selling
In a big to front-run the much-publicized Litecoin “Halving doom,” LTC long-term holders appear to have started offloading their coins. Indicatively, the Age Consumed data compiled by Santiment has shown several spikes this week.
Age Consumed is derived by multiplying the number of recently traded tokens by the number of days since they were last moved. This essentially tracks the current trading sentiment long-term holders among long-term holders
As observed above, persistent spikes in Age Consumed means long-term investors are selling more of their holdings, which can often have a negative impact on price.
Fears of a post-halving price crash could see more investors pile on sell pressure in the coming days.
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Author: Ibrahim Ajibade
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