A number one crypto analytics agency says that Litecoin (LTC) whale exercise is more likely to drive LTC’s worth upwards earlier than the LTC halving.
In a brand new report, Santiment says the upcoming LTC20 halving, which cuts the quantity of newly issued cash to miners in half, is anticipated to have a constructive affect on the worth of Litecoin.
Santiment says Litecoin’s on-chain quantity is trending upwards quickly, and can bode nicely for worth if it continues.
“If this pattern of elevated on-chain quantity continues, it can completely be a powerful signal that some massive gamers are starting to leap in on their LTC investments in anticipation of the halving. Equally, the quantity of distinctive addresses interacting on the Litecoin community completely skyrocketed, abruptly reaching a higher than one-year excessive simply as its worth was bottoming out.
This was clearly an excellent sign that addresses have been stocking up on what could be the solely ‘low cost’ earlier than August tenth. Lastly, don’t be stunned if whales push up the worth above $100 earlier than a chance is given for one ultimate dip. Halving occasions are recognized for creating some fairly surprising anomalies. And it has been fascinating to see separate waves of 500-600 $1M+ every day transactions on the LTC community. After which rapidly, the quantity drops by 95% for every week (as proven beneath).”
Santiment says that buying and selling volumes may decelerate in close to the time period, however then decide up once more in mid-June as merchants start to anticipate the occasion.
Most realistically, due to this, we may see a path the place the typical buying and selling returns on the quick and mid-term time scales calm down for every week or two for Litecoin. After which, as we get inside two months of the August occasion (round mid-June), don’t be stunned to see a good larger wave of anticipation for LTC 20.
The Litecoin halving is scheduled to happen roughly on August 10, 2023.
LTC is buying and selling for $91.48 at time of writing.
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