LTC Shows Bullish Signal as Address Activity Rises, Says Santiment
Crypto analytics firm Santiment has identified a bullish signal for Litecoin (LTC) based on its rising address activity. Along with decentralized finance protocol Maker (MKR) and liquid-staking service provider Lido DAO (LDO), Litecoin is experiencing a significant increase in on-chain activity. This trend is typically accompanied by market cap growth. Additionally, Litecoin is showing a bullish divergence, indicating a potential price surge. Currently trading at $65.52, LTC has seen an 11% decline since the beginning of the year when it opened at $73.88.
Analysts Divided on LTC’s Price Outlook
While Santiment’s data suggests a positive outlook for LTC, some analysts hold a different opinion. Crypto trader Ali Martinez believes that LTC’s market outlook is challenging and warns of a potential drop to $38 if selling pressure continues. This would represent a 42% decrease from the current price.
Hot Take: LTC’s Future Hangs in the Balance
The future of Litecoin remains uncertain as conflicting opinions emerge regarding its price trajectory. While Santiment’s data indicates a bullish signal, there are concerns about potential downward pressure on LTC’s price. Traders and investors will closely monitor the market to determine whether Litecoin can overcome these challenges and experience a significant price surge in the near future.
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