Litecoin Registers Over $1 Million In Whale Transactions For 2022 – Good News For LTC?
October 25 2022 - 1:56AM
NEWSBTC
Litecoin, for most part of the current year, has been silent and is
only mentioned when its price goes down relative to the overall
sentiment of the whole crypto market. Litecoin manages to increase
its value by 1.3% over the last week LTC is seen trading at $54.89
over the next five days A sharp fall from its current trading price
is likely to happen over the next few weeks Since attaining its
$410.26 all-time high (ATH) on May 10 last year, the crypto has
been on a steady decline, losing a big chunk of its milestone
value. As of Monday (Oct. 25), according to data from Coingecko,
the 22nd largest cryptocurrency in terms of market capitalization
is trading at $52.80, up 1.7 percent in the last seven days. LTC
only managed to pump its price by 1.4% over the last month and has
not shown any indication of trimming its losses since it hit its
ATH. But over the last week, Litecoin’s ecosystem witnessed
significant activities that might convince prospective buyers to
put their money on the digital asset. Litecoin Whale Transactions
And Address Activity Up LTC managed to increase its value by 3%
over the last 24 hours and by 1.3% for the past week. Such a
development is a surprise considering many digital currencies,
Bitcoin and Ethereum included, continue to struggle with the
extended bearish market landscape. But Litecoin managed to stay
green across its price charts except for its year-to-date tally
probably because of the tremendous network activity its blockchain
is currently witnessing. Related Reading: Dogechain (DC) Notches
200% Hike In Trading Value In The Past Week Source: TradingView
According to data shared by Santiment, on October 20, as LTC price
started to rise against crypto alpha Bitcoin, whale transactions on
Litecoin network reached over $1 million. Daily active address
count also surged for the asset and blockchain project over the
last week, indicating there is significant interest boost among
holders and investors. ⚡️ #Litecoin has been quietly under the
radar in 2022, but address activity & whale transactions have
exploded this week. Particularly with $1m+ valued transactions on
the network, the timing of these spikes happened just as $LTC began
rising vs. $BTC. https://t.co/jtQYW7mHuP pic.twitter.com/brIzjj6lFF
— Santiment (@santimentfeed) October 20, 2022 Will This Help
Litecoin Become Bullish Again? Such a tremendous increase in
network activity usually bodes well for an asset. This, however, is
not the case for Litecoin as its metrics point towards a sharp
price dump. On October 5, LTC’s Relative Strength Index (RSI) was
at 62. But for the past few weeks, this indicator declined to a
value of 41. Money Flow Index (MFI) for the asset is also on a
downtrend, settling for a score of 41 which is below the 50-neutral
region. Litecoin is also being overwhelmed by extreme selling
pressure as reflected on its negatively valued Chaikin Money Flow
(CMF). With this, while the crypto might rally up to $54.89 for the
next five days, there’s no time celebrate as the asset is
forecasted to plummet all the way to $35.40 over the next 30 days.
Related Reading: Enjin (ENJ) Among Top 10 Crypto Choice Of ETH
Whales In Last 24 Hours LTC total market cap at $3.75 billion on
the daily chart | Featured image from Pixabay, Chart:
TradingView.com Disclaimer: The analysis represents the author's
personal views and should not be construed as investment advice.
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