Leading crypto analytics firm Santiment is revealing some growing on-chain metrics for the popular altcoin Litecoin (LTC) behind the scenes. According to the company, whales are rapidly accumulating altcoins. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Santiment: Litecoin whales in an accumulation streak not seen since 2017!
LTC is trading at $148, down 64% from its all-time high of $410 in a sharp downtrend. Despite this, Santiment says crypto whales may have other plans for the altcoin. Litecoin whales, reflecting “smart money,” are taking part in a 15-week accumulation streak not seen since 2017, according to the firm. Santiment adds the following to his explanations on the subject:
Litecoin is showing some signs of life, up about +5% against BTC over the past two days. Whale addresses holding 10,000 to 1,000,000 LTC are in a 15-week accumulation pattern, the longest since 2017. They added 5% of LTC’s supply to their portfolio in just 15 weeks.
Santiment: This altcoin project has a bullish signal!
Santiment also says that privacy-focused blockchain project Monero (XMR) is showing some bullish signals. According to the firm, Monero has been discussed on forums at the highest rate in the last 10 months. Santiment adds the following to his explanations on the subject:
Monero left the crypto suite on Thursday. The asset has been quiet since reaching $513 on May 7, 2021. But as XMR is one of the few cryptocurrencies being pumped right now, it’s seeing its highest forum discussion rate in 10 months.
Santiment: There are traces of short squeeze on the market!
Looking at BTC and the broader market, Santiment says investors may insist on anticipating further price drops. Historically, the firm says current conditions have often led to short squeezes. Santiment adds the following to his explanations on the subject:
Bitcoin and a few other altcoins are posting a higher-than-normal short-long ratio, suggesting that investors expect prices to drop. Traditionally, when this funding rate is extremely negative, shorts prepare to be liquidated and prices rise.
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