The recovery of the cryptocurrency market ended on a low note, with most major assets tumbling below thresholds they conquered during the reversal of the cryptocurrency industry. Unfortunately, the decreasing selling pressure came on the scene with descending buying power.has technically been moving in a prolonged rangebound with sudden breakouts on the way.
However, LTC lost most of its momentum during the consolidation that began on Nov. 30. According to volume profiles, bulls were unable to push LTC further up as some short-term holders started taking profits, creating strong barriers for the rally's acceleration. Additionally, we are seeing a spike in the number of large transactions worth $100,000 or more. Such a dynamic could hint at upcoming profit taking, which should be considered yet another bearish factor for LTC, in addition to the reversing cryptocurrency market.