While there is a general downward trend in Bitcoin (BTC) and altcoins, some altcoins experience sharper declines due to the negative events they experience.
One of these was the Ethereum (ETH)-based altcoin Loopring (LRC), which was exploited for $ 5 million and experienced a sharp decline.
While LRC is one of the current issues in the market, Santiment said that the sharp decline offers a buying opportunity for bottom buyers.
When FUD was combined with the 22% drop in LRC in 4 days, Santiment said there was a buying opportunity in LRC. What Happened? Ethereum-based cryptocurrency token Loopring suffered a $5 million attack. After this attack, the LRC token experienced a sharp decline.
➰😱 Loopring's network was compromised by a hack valued at over $5M. The project's market cap has predictably dropped as trust among the crypto community has shrunk. FUD is likely compounding the -22% $LRC 4-day drop, and there is a likely opportunity to buy into others' fear. pic.twitter.com/JAwMZyg1XS
— Santiment (@santimentfeed) June 11, 2024
Litecoin (LTC) Gives a Bullish Signal!
Evaluating Litecoin, also known as digital silver, apart from LRC, Santiment said that the number of unique and active addresses in the Litecoin (LTC) network has increased.
Stating that the addresses on the network have increased rapidly and doubled since June 4, the analyst said that with the increase in network activity, the RSI has entered the opportunity zone and given an upward signal.
“While approximately 345,000 addresses were active on the Litecoin network during May, an average of 704,000 unique addresses interacted on the network last week.
“The more than doubling of active addresses and the RSI moving towards the opportunity zone could herald an LTC bounce.”
LTC continues to trade at $78.8 at the time of writing.
⚡️ Litecoin has averaged ~704K unique addresses interacting on the network over the past week after averaging ~345K addresses throughout May. The network more than doubling in active addresses, along with its RSI well into an opportunity zone, may be foreshadowing an $LTC bounce. pic.twitter.com/7AJfY1tTSJ
— Santiment (@santimentfeed) June 11, 2024
*This is not investment advice.
