$LTC experiences profit-taking among miners that causes a more than 10% price plunge but doesn't push Litecoin out of uptrend
Over the past month, Litecoin has been showing a steady upward trajectory; however, recent data suggests that Litecoin miners are massively taking profits, leading to a drop in its price. Despite overall market conditions, Litecoin's growth trajectory has remained noticeable, but these recent developments may shift theLitecoin's Relative Strength Index , an indicator that tracks the speed and change of price movements, has dropped below 50, suggesting a potential trend reversal.
What makes this situation intriguing is the steady volume of Litecoin trading. Despite price fluctuations and profit-taking activities, the trading volume has remained at around 150K. This stability in trading volume could mean that, despite the current downturn, there is still a steady interest in Litecoin among traders.
With the upcoming halving event and the LTC20 assets picking up, the nearly 12-year-old blockchain shows clear growth potential in a challenging market. However, the recent profit-taking by miners and its impact on the coin's price underscore the complex and sometimes unpredictable nature of cryptocurrency markets.
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