Santiment Triggered Short-term Bull Run in Litecoin (LTC) Price

• Litecoin price has witnessed buying pressure in the short term.
• The increasing discussion about a possible Litecoin ETF has improved sentiment.
• There are both bullish and bearish prospects for the price of LTC due to the current market uncertainty.

At press time, Litecoin (LTC) crypto ranked 19th in the cryptocurrency market in terms of market capitalization. The price has exceeded the last few months’ highs, and a bullish forecast has been witnessed.

The Litecoin (LTC) price has displayed a strong green phase this year, generating curiosity among the crypto community. Analysts are going through the facts of this surge to predict its next move.

Change in Litecoin Price Due to Santiment Data

According to the well-known market data analysis platform Santiment, LTC crypto has been in mini-run mode. The website highlighted Litecoin’s accomplishment of surpassing $73 for the first time since July.

Santiment highlighted the performance of LTC. The platform noted that it was the first mid-sized breakout from Bitcoin and altcoins since the spring.

Santiment outlined two key elements driving the upward trend in Litecoin (LTC) price. It identified an increase in the volume of onchain transactions for Litecoin as the first contributing factor.

According to data, the onchain volume of Litecoin increased to $4 Billion in a single day. The cryptocurrency has achieved a remarkable feat, reaching its highest value since June 2023.

Santiment also noted an increase in retail interest in Litecoin. The past few days have significantly increased LTC-related conversations on social media platforms. These discussions are focused on current projects and advancements in the LTC crypto.

This is unsurprising because favorable social media discussions about a certain cryptocurrency typically attract more buyers. This led to an increase in price. Some investors even incorporate sentiment analysis from social media into their trading plans.

Litecoin ETF Enhancing Appeal

Exchange-Traded Fund (ETF) could play a vital role in boosting the Litecoin (LTC) price. After Canary Capital filed an S-1 registration for the product, expectations of a spot Litecoin ETF approval increased.

The US Securities and Exchange Commission (SEC) has not yet approved the Litecoin ETF filing. If approved, the product will enable investors to trade Litecoin without holding any of it.

Many institutional investors find Litecoin appealing due to its salient features. Litecoin offers a unique opportunity to invest in a dependable and established cryptocurrency. The network’s security was enhanced when its hashrate recently hit an All-Time High (ATH).

Eric Balchunas is an ETF analyst for Bloomberg. He acknowledged that Canary Capital’s ETF filing would be challenging to get approved in the US. He pointed out that the US electing a pro-crypto president in the November elections is a prerequisite for the ETF’s approval.

Litecoin Price Analysis and Forecast

When writing, the Litecoin (LTC) price traded at $47.83 with an intraday gain of 2.34%. The market capitalization was $5.62 Billion.

Litecoin price has increased by 19.90% this month and has smashed the key moving averages. Sellers have tried to halt the price near the 200-day EMA. However, buyers were strong enough to hit the EMA. This strength shows the buyers’ domination.

Based on the technical analysis, if the LTC crypto price sustains over the $74 mark, buyers may lift the price to the $90 mark. MACD has triggered a bullish crossover with the Signal line and has reached positive territory. The histograms are strong green and show a bullish forecast.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.