- The price of Litecoin fell 3% on Friday morning, trading around $67.
- Santiment wrote in X that there has been a sharp increase in on-chain movement of altcoins.
- LTC is witnessing a surge in address activity and whale trading, with figures hitting their highest since June.
The overall cryptocurrency market is down 1.5% over the past 24 hours to $1.3 trillion, with Bitcoin hovering just above $34,000. Meanwhile, most altcoins are struggling to maintain their recent gains.
However, as market watchers and analysts have said, the overall outlook for cryptocurrencies is optimistic ahead of what could be a massive bull market in 2024. Could this be the same scenario for Litecoin price?
Litecoin Price Outlook – What’s Next for LTC?
Litecoin’s 24-hour price is down 3%, with recent gains pared to about 7% last week when it was trading at around $67.80. Despite the explosion of on-chain activity, the psychological $100 continues to prove a difficult hurdle for bulls.
Although both address activity and whales reached June 2023 levels, a sudden surge in dormant LTC was observed. This “usually means more coins are starting to enter circulation,” market intelligence platform Santiment wrote in a post on X.
⚡️ #Litecoin I’ve seen it rise quickly #onchain There was a move to end the week with both address and whale activity reaching levels last observed in June. Moreover, it is dormant $LTC Suddenly there was a large spike, which usually indicates that more coins were starting to enter circulation. https://t.co/ILZua1tEzV pic.twitter.com/MT1MZ2K15i
— Santiment (@santimentfeed) October 27, 2023
Bitcoin’s overall bullish performance suggests investors may be bracing for a potential price rise. Optimism around factors such as the acceptance of a spot Bitcoin ETF could help LTC rebound past a major supply barrier.
However, selling pressure may increase in the short term as dormant coins move again. In this case, a correction could push Litecoin price further down, with the bears likely targeting the key support area in the $60-50 region.