coinjournal.net
- Litecoin price was down 3% to trade around $67 on Friday morning.
- Santiment wrote on X that the altcoin has seen a rapid increase in on-chain movement.
- $LTC is seeing a spike in address activity and whale transactions, with metrics at highest levels since June.
The total crypto market is down 1.5% in the past 24 hours to $1.3 trillion, with Bitcoin hovering just above $34,000. Meanwhile, most altcoins are struggling to hold onto recent gains.
But as market observers and analysts put it, the overall outlook is bullish for crypto 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 was down 3%, with recent gains trimmed to about 7% over the past week as it traded around $67.80. The psychological $100 continues to prove a difficult hurdle for bulls, despite there being a burst of on-chain activity.
While address activity and whales both hit June 2023 levels, there has been the observation of dormant $LTC suddenly spiking – “usually indicative of more coins beginning to circulate,” the market intelligence platform Santiment wrote in a post on X.
⚡️ #Litecoin saw rapidly rising #onchain movement to end the work week, with address activity and whales both hitting levels last seen in June. Additionally, dormant $LTC suddenly had a big spike, usually indicative of more coins beginning to circulate. https://t.co/ILZua1tEzV pic.twitter.com/MT1MZ2K15i
— Santiment (@santimentfeed) October 27, 2023
The overall bullish picture for Bitcoin suggests investors could be positioning for a potential uptick in its price. Optimism over factors such as spot Bitcoin ETF approval could help $LTC rebound past the main supply wall.
Yet, with dormant coins on the move again, sell-off pressure could be huge in the short term. In this case, a correction could see Litecoin price retreat further, bears likely targeting key support zones in the $60-50 region.