Brian Quinlivan, the senior executive of Santiment, one of the largest on-chain analysis firms, has shared his market predictions. The expert highlights the bullish signals regarding Litecoin. So, what warning did he give about the price of LTC?
Expert Comment on Litecoin (LTC)
Brian Quinlivan, the marketing director of Santiment, says that as sharks and whales continue to accumulate LTC while the price drops, the peer-to-peer payment network shows a rising trend.
“I like to look at addresses holding between 100 and 100,000 LTC. And they actually still seem to be accumulating a bit. So, it’s nice to see that. This was about 10 days before the halving, and they were holding about 42.4% of it. They added about 50% of the total supply to their collective wallets. Sharks and whales are very important in terms of the absolute amount of coins they hold. Now they are holding 31.5 million LTC again.
This is the highest amount they have held throughout the year. We need to go back to 2022 here, and they are still above the line. They keep rising. This is a good sign for Litecoin. While shark and whale assets like this go up, the price goes down. I think this is a bullish divergence. On a very long-term scale, it shows that Litecoin may have the ability to rise to some extent by the end of the year. Maybe in 2024.”
LTC Coin Price Analysis
Quinlivan also draws attention to the 30-day MVRV data, which investors use to identify overbought or oversold conditions. He also stated that MVRV warns that the price may bottom out before Litecoin makes an upward jump.
“Despite the drop, 30-day traders are still up about 11%, while 365-day traders are up about 0.6%, which is actually equal. So, ideally, we want to see both long and short terms below this zero axis, which indicates that they are underwater.
When they both go underwater at the same time, that’s where bottoms are formed, and it’s a good signal to jump into the asset. So, despite the price dropping by 26% since July 2, I still think there needs to be a little more cooling off, but it may need to drop a bit more to bring the 30-day average trading returns into the negatives. When that happens, we may find a good buying opportunity.”
