Santiment: This Altcoin Gives Bullish Signals, A Run May Come!

While the cryptocurrency market is losing ground with sales, investors are waiting for key economic data. Investors and traders who prefer to stay on the sidelines in this process are waiting for new opportunities. In this environment, analytics platform Santiment drew attention to Litecoin’s increased network activity. In this context, Santiment talked about a bounce for the altcoin!

Litecoin’s network activity is rapidly increasing: Is the altcoin preparing for a rally?

Analytics platform Santiment reports that Litecoin (LTC) has seen a massive increase in network activity. He also noted that this may indicate a potential price increase. Latest data from Santiment shows that Litecoin had an average of approximately 704,000 unique addresses interacting on the network over the past week. The analytics platform shared the following:

Litecoin had an average of 704 thousand unique addresses interacting on the network last week, following an average of 345 thousand addresses throughout May. A more than doubling of the network’s active addresses and the RSI value entering an opportunity zone could herald a bounce for LTC.

This is a significant increase compared to the approximately 345,000 addresses observed in all of May. The more than doubling of active addresses shows that interest and use of crypto money is increasing. Network growth in the crypto market often precedes price increases. When more unique addresses are active, this means more processes and more public usage. It is possible that this increased activity will increase demand and raise the price. Additionally, when a network has a high number of active addresses, it generally reflects positive investor sentiment and interest in the local asset.

Source: Santiment

Is Litecoin really worth its price?

Litecoin, often referred to as the silver to Bitcoin’s gold, is a peer-to-peer cryptocurrency created by Charlie Lee in 2011. Both coins share the same basic principles. However, LTC has faster processing times and a different hash algorithm. These differences suggest that Litecoin is better suited for smaller processes. It also makes it a suitable option for daily use.

LTC price chart. Source: CoinMarketCap

Litecoin’s Relative Strength Index (RSI) currently stands in the optimal zone for potential upside. RSI is a momentum indicator that measures the speed and change of price movements. According to analysts, an RSI entering the opportunity zone indicates that Litecoin is currently undervalued. It also signals that it is ready for a price increase. Currently, Litecoin is trading at $77.76. Since the beginning of the year, the altcoin has increased by 8.5%. However, it still lags behind Bitcoin and Ethereum in terms of price performance.