Crypto analytics firm Santiment says peer-to-peer payment network Litecoin (LTC) is showing numbers that could lead to a price increase.
Santiment notes that Litecoin, decentralized finance (DeFi) protocol Maker (MKR) and liquid staking service provider Lido DAO (LDO) are all witnessing rapidly increasing address activity.
According to the analytics company, the signal in the chain is usually “accompanied by market capitalization.” Santiment also notes that Litecoin is showing a bullish divergence, a technical signal that indicates an asset may be gearing up for a price increase.
At the time of writing, Litecoin is trading at $65.52, down about 11% since the beginning of the year when LTC opened at $73.88. Meanwhile, the LDO is worth $3.54, up 30% since January 1, and the MKR is worth $1,769, up 6.16% year to date.
However, some crypto analysts are not predicting bullish price action for the project popularly known as ‘digital silver’.
Earlier this week, crypto trader Ali Martinez told his 39,500 followers on social media platform
“If selling pressure continues, LTC could see a decline to $38, potentially confirming a bear flag formation.”
A drop to $38 would represent a 42% decline from Litecoin’s current price.
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Generated image: Midjourney
