Litecoin has made a tremendous effort recovering to $70.00 after diving by 30% to $54.90 in August. This is a very bad sign, as such an overheat is pushing prices down below $60.00 per coin, and also delivered a downside signal with even lower targets.

Litecoin holders number reached 5 million, according to IntoTheBlock. This might be a good news, but it has not helped LTC prices to recover. On the other hand, the number of whales in Litecoin network is decreasing, according to The whales sold 320,000 Litecoins for $20 million since the beginning of August.

This developments support the idea of LTC prices to go down below $60.00 per coin to head towards the nearest target of $50.00 per coin. If this dive will be extended prices may fall even further towards $30.00-40.00 per coin.