Litecoin whales are piling up at breakneck speed

Leading crypto intelligence firm Santiment reveals multiple bullish on-chain indicators for Litecoin. Litecoin is trading at $149 at press time, down 64% from its all-time high of $410 in a strong downtrend.

Source: TradingView

Still, Santiment says Wale may have other plans for digital silver. According to the company, “smart money” is in a 15-week accumulation cycle, which it hasn’t seen since 2017.

“Litecoin is showing some signs of life and is up around 5% against BTC over the past two days. Whale addresses with 10,000 to 1,000,000 LTC are in a 15-week accumulation pattern, the longest since 2017. They have pocketed 5% of the Litecoin supply in just 15 weeks.”

The source: Mood/Twitter

Santiment also says the privacy-focused Monero (XMR) blockchain is showing some potential bullish signals. According to the company, Monero is being discussed on forums at the highest rate in 10 months.

“Monero broke away from the broader market last Thursday. The asset has been quiet since hitting $513 on May 7, 2021.

The source: Mood/Twitter

Looking ahead to BTC and the broader market, Santiment says traders may be too confident in predicting a sustained price drop.

Historically, current conditions have often resulted in short squeezes, resulting in too many traders attempting to go short eventually encountering an unexpected rally that triggers a series of liquidations that send prices higher to drive.

“Bitcoin and several other altcoins are showing higher-than-usual short-to-long ratios, suggesting traders are anticipating a price decline. Traditionally, when this ratio is extremely negative, the short is liquidated and the price rises.”

The source: Mood/Twitter

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