Litecoin’s price outlook increases activity on the chain
The price of Litecoin fell 3% to trade at $67 on Friday morning. As Santiment writes on X, the altcoin has seen rapid growth in chain activity. LTC is seeing a sharp increase in address activity and whale transactions, with metrics at their highest level since June.
The total crypto market is down 1.5% in the last 24 hours to $1.3 trillion, with bitcoin hovering above $34,000. Meanwhile, most altcoins are struggling to make recent gains.
But as market watchers and analysts put it, the overall outlook for crypto is big ahead of what could be a major bull market in 2024. Could this be the same situation for Litecoin price?
Litecoin Price Outlook: What's Next for LTC?
Litecoin's 24-hour price has fallen by 3%, and the recent gains have been reversed to 7% when it traded at $67.80 last week. Despite the move on the chain, the psychological $100 will continue to be a difficult hurdle for the bulls.
Despite address activity and whales hitting June 2023 levels, dormant LTC has suddenly seen a rumble — “usually a sign that more coins are starting to circulate,” market intelligence platform Santiment wrote in a post on X.
⚡️ #Litecoin has seen rapidly increasing #onchain activity to end the work week, with address activity and whales both hitting levels seen last June. Additionally, the dormant $LTC suddenly had a large spike, often indicating that more coins had started to circulate. pic.twitter.com/MT1MZ2K15i
— Santiment (@santimentfeed) October 27, 2023
Bitcoin's overall bullish picture suggests investors may be bullish on the price. Optimism on factors such as the approval of the Bitcoin ETF could help LTC break through the main supply wall.
Yet, with dormant coins on the move again, selling pressure could be substantial in the short term. In this case, a correction may see a further retreat of the price of Litecoin, which may target key support zones in the $60-50 range.
