bullish

2024

Litecoin

Bitcoin

<p class="is-style-lead">Litecoin, a peer-to-peer cryptocurrency, remained in a consolidation phase as open interest in the futures market remained muted and as whale activity rose.</p>
<h2 class="wp-block-heading" id="ltc-whale-activity-increases">LTC whale activity increases</h2>
<p>Litecoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/litecoin/">LTC</a>), created by former Google engineer Charlie Lee, was trading at $64, where it has been stuck at in the past two weeks. This price is about 27% above its lowest point in August and down by 44% from its highest point this year.</p>
<p>The price action correlates with Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>), which jumped to a record high of $73,800 in March, dropped to $49,000 in August and was trading at $54,000.</p>
<p>According to Santiment, Litecoin has seen a significant increase in whale-buying activity in the past few weeks, a sign that some of them are buying the dip. Santiment has also observed a big increase in the number of social media mentions.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">⚡️ Litecoin is seeing a consistently higher level of whale activity than usual since late August. On top of this, the level of discussions toward the 19th ranked market cap OG asset has erupted in a big way. Whether or not you are a fan of LTC, this is worth keeping an eye on. <a rel="noopener noreferrer nofollow" href="https://t.co/qmxUu2dxBI" target="_blank">pic.twitter.com/qmxUu2dxBI</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1832220346956836931?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 7, 2024</a>
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<p>However, more Santiment data shows that daily active addresses have retreated sharply in the past few months.</p>
<p>Litecoin had over 327,000 active addresses on Friday, Sep.6, down from 801,000 in June.&nbsp;</p>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3115" height="1871" src="https://crypto.news/app/uploads/2024/09/Litecoin-addresses.jpeg" alt="Litecoin daily active addresses" class="wp-image-14296613">
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  Litecoin daily active addresses | Source: <a href="https://app.santiment.net/charts/eZmaT6q3__sCl" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>
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<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/santiment-litecoins-small-traders-exit-could-signal-bullish-rebound/"> Santiment: Litecoin’s small traders’ exit could signal bullish rebound </a></p>
<p>The other big issue is that Litecoin’s futures open interest has been muted in the past few months. Interest in the futures market stood at over $243 million on Sat. Sep 7, down from the year-to-date high of over $708 million.&nbsp;</p>
<p>Futures open interest is an important metric in the financial market because it shows the outstanding contracts that are yet to be filled. In most cases, a higher open interest is a sign that a coin has more demand among investors.</p>
<p>Meanwhile, Litecoin’s funding rate has retreated from 0.078% earlier this week to 0.0016%. A positive funding rate means holders pay a fee to short position holders. With the funding rate nearing the negative zone, there is a risk that it may continue falling.</p>
<h2 class="wp-block-heading" id="litecoin-below-this-key-resistance-level">Litecoin below this key resistance level</h2>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3574" height="1986" src="https://crypto.news/app/uploads/2024/09/Litecoin-Price.png" alt="Litecoin price" class="wp-image-14296612">
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  Litecoin price chart | Source: <a href="https://www.tradingview.com/symbols/LTCUSD/?exchange=COINBASE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
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<p>Technically, there are signs that Litecoin is below the descending trendline that connects the highest swings since May 20. It has also remained below the 50-day moving average, pointing to further downside.&nbsp;</p>
<p>If this happens, Litecoin — one of the biggest proof-to-work coins — may drop to the next key support level at $60, its lowest swing on Jan. 3.</p>
<p>A break below that support level will point to a drop to the next key support at $50, its lowest point in August. However, a volume-supported move above the descending trendline will point to more gains.</p>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/neiro-on-eth-price-doubles-as-crypto-dump-unfolds/"> Neiro on ETH price doubles as crypto dump unfolds </a></p>

Litecoin sees higher whale activity: Santiment

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