• Litecoin underperforms by recent bullish standards as some whales secure exit liquidity.
• Litecoin achieves a new historic hash rate as miners adjust to spike in transactions and profitability.

Litcoin [LTC]  maximalists hoping for a recovery during the latest rally are somewhat disappointed. October is about to come to its conclusion after an impressive two weeks but LTC underperformed.

Is your portfolio green? Check out the LTC Profit Calculator

Like most top cryptocurrencies, Litecoin entered a low liquidity zone between August and October. Short term support and resistance underpinned the same zone.

Most top cryptocurrencies managed to push out of that zone during the last two weeks when bullish momentum made a comeback. However, Litecoin notably struggled to exit the same range even though it achieved some upside.

LTC bulls stopped in their tracks at the short-term resistance range and have even retraced slightly since its recent peak. Speaking of, the price managed to rally as high as $72.85 after a 21% upside from its current October lows.

Are whales holding back the LTC bulls?

The above observation suggests that Litecoin demand was not quite to the level of most of its top rivals. A quick glance at the supply distribution reveals a potential reason for that outcome.

It turns out that LTC top whales have been subduing the bulls by contributing a significant amount of sell pressure during the bullish phase. As a result, some of the demand was watered down.

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Author: Michael Nderitu

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