- LTC led the altcoin market rally on April 2nd.
- Bullish sentiment remained in the coin spot market.
Litecoin (LTC) surged nearly 10% on April 2, leading the altcoin market rally during that day’s intraday trading session, Santiment noted in a post on X (formerly Twitter).
⚡️📈 #Litecoin (+8.9%) is way ahead. #altcoin Packaging completed in the last 24 hours, with much higher transaction volumes than usual over the past month. More importantly, the average $LTC Investments are getting younger, which indicates whales are moving more coins… pic.twitter.com/YUBTqi3mXu
— Santiment (@santimentfeed) April 2, 2024
According to on-chain data providers, the surge in coin prices was caused by a rebound in trading volume last month.
LTC’s daily trading volume, measured by its 30-day moving average, has increased 124% over the past month.
Santiment also noted that the price increase was due to the re-emergence of dormant whale addresses that moved their coins to benefit from LTC’s month-long price rise.
Additionally, our observations using a 30-day moving average show that LTC’s Average Dollar Investment Age indicator has been trending downward since March 4th.
This indicator measures how long an investor has held an asset compared to current market conditions.
A rising indicator indicates that more investors are holding coins for the long term rather than actively trading them. During this period, trading activity decreases and coin supply decreases.
Conversely, when the indicator falls, it means that coins are changing hands quickly, increasing trading activity in the market and increasing the number of coins in circulation.
Bullish outlook remains strong
According to CoinMarketCap’s Data shows that LTC has experienced double-digit price gains over the past month and was trading at $103 at the time of press.
Key momentum indicators observed on the 24-hour chart showed increased demand for the coin. At the time of writing, the values of Relative Strength Index (RSI) and Money Flow Index (MFI) were 57.72 and 65.18.
These indicators, with values above their respective center lines, showed that market participants prefer buying more LTC than selling their holdings.
The coin’s Chaikin Money Flow (CMF) was positive at press time, confirming the accumulation trend. A CMF value above 0 signals liquidity flowing into the market and indicates a strong bullish trend.
Read Litecoin (LTC) Price Prediction for 2024-25
In addition, looking at the current market trend, LTC’s Arun Upline (orange) is 85.71%. This indicator measures the strength of an asset’s trend and potential trend reversal points in its price.
If the rising line is close to 100, it means that the upward trend is strong and recent highs were reached relatively recently.