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Litecoin Records Over $1M in Whale Transactions

 


Litecoin has been quiet for most of the year, only getting a mention when its price falls relative to overall crypto market sentiment.


Currently, the 22nd largest cryptocurrency by market cap is trading at $52.82, up 1.5 percent over the past seven days, according to data from Coinmarketcap.


LTC has gained just 1.4% in the last month and has shown no signs of slowing down since hitting its ATH. However, over the past week there has been significant activity in the Litecoin ecosystem.


Litecoin whale transactions and address activity up

According to data shared by Santiment, on Oct. 20, when the LTC price started rising against Bitcoin, whale transactions on the Litecoin network reached more than a million dollars.


The number of daily active addresses has also skyrocketed over the past week, suggesting that interest from owners and investors has increased significantly.


#Litecoin has been quiet under the radar in 2022, but address activity and whale transactions have exploded this week. Specifically, $1m+ valued transactions on the network, the timing of these spikes happened just as $LTC was starting to rise against $BTC.


Such a huge increase in network activity is usually a good sign for an asset. However, this is not the case for Litecoin as its metrics are pointing to a sharp drop in price.


As of Oct. 5, LTC's Relative Strength Index (RSI) stood at 62. However, over the past few weeks, this indicator has fallen to a reading of 41.


The Money Flow Index (MFI) for the LTC is also in a downtrend, trading below the neutral 50 zone at 41.


Litecoin is also being overwhelmed by extreme selling pressure, reflected in its negatively rated Chaikin Money Flow (CMF).

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