Litecoin sees a spike in on-chain activity- however what’s subsequent for LTC?

• Litecoin worth was down 3% to commerce round $67 on Friday morning.
• Santiment wrote on X that the altcoin has seen a fast improve in on-chain motion.
• LTC is seeing a spike in handle exercise and whale transactions, with metrics at highest ranges since June.

The full crypto market is down 1.5% previously 24 hours to $1.3 trillion, with Bitcoin hovering simply above $34,000. In the meantime, most altcoins are struggling to carry onto latest good points. 

However as market observers and analysts put it, the general outlook is bullish for crypto forward of what could possibly be a large bull market in 2024. May this be the identical situation for Litecoin worth?

Litecoin worth outlook- what’s subsequent for LTC?

Litecoin’s 24-hour worth was down 3%, with latest good points trimmed to about 7% over the previous week because it traded round $67.80. The psychological $100 continues to show a tough hurdle for bulls, regardless of there being a burst of on-chain exercise.

Whereas handle exercise and whales each hit June 2023 ranges, there was the commentary of dormant LTC out of the blue spiking – “normally indicative of extra cash starting to flow into,” the market intelligence platform Santiment wrote in a put up on X.   

⚡️ #Litecoin noticed quickly rising #onchain motion to finish the work week, with handle exercise and whales each hitting ranges final seen in June. Moreover, dormant $LTC out of the blue had a giant spike, normally indicative of extra cash starting to flow into. https://t.co/ILZua1tEzV pic.twitter.com/MT1MZ2K15i

— Santiment (@santimentfeed) October 27, 2023

The general bullish image for Bitcoin suggests traders could possibly be positioning for a possible uptick in its worth. Optimism over components equivalent to spot Bitcoin ETF approval might assist LTC rebound previous the primary provide wall.

But, with dormant cash on the transfer once more, sell-off stress could possibly be big within the quick time period. On this case, a correction might see Litecoin worth retreat additional, bears probably concentrating on key assist zones within the $60-50 area.