LTC Bulls on the Rise as Whales and Sharks Accumulate, According to Santiment
Crypto analytics platform Santiment suggests that Litecoin (LTC) is showing bullish signs following its halving event on August 2nd. Here are the key points:
– Whales and sharks, holding anywhere between 100 to 100,000 LTC, are still accumulating the cryptocurrency despite the price dip.
– These key holders have added about 0.5% of the entire supply to their wallets, reaching the highest amount held all year.
– The price of LTC has been moving downwards while shark and whale holdings continue to rise, indicating a bullish divergence.
– Santiment’s Brian Quinlivan believes that Litecoin still has the potential for a significant run, possibly by the end of the year or in 2024.
– Quinlivan also looks at LTC’s market value to realized value (MVRV) ratio, suggesting that the cryptocurrency may need to dip further before bouncing back up.
In conclusion, Santiment’s analysis suggests that Litecoin is flashing bullish signals as whales and sharks accumulate the cryptocurrency. However, it may still need to experience some short-term dips before a significant upward movement. At the time of writing, LTC is trading at $82.98, down 1.3% in the last 24 hours.
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