While Bitcoin continues its strong rise by exceeding $ 47,000, there is also upward movement in altcoins.
At this point, the largest altcoin Ethereum (ETH) exceeded $ 2,500, while Litecoin, known as digital silver, exceeded $ 70 for the first time since January 22.
Evaluating the rise in Bitcoin and LTC together, Santiment argued that the rise of Litecoin is a bullish precursor for BTC and altcoins.
Stating that Litecoin is experiencing a slight rise at this point and that this rise indicates an upward trend in market dynamics, Santiment said that investors should follow LTC for the continuation of the rise.
“Litecoin rose slightly and jumped above $70 for the first time since January 22.
For now, trading volume for the asset, which ranks 19th in market capitalization, is fairly inactive.
But watch LTC, as isolated pumps like the LTC rally are often leading bullish data for BTC. “
⚡️📈 #Litecoin has had a mild emergence, rebounding back above $70 for the first time since January 22nd. For now, trading volume is rather dormant for the #19 ranked market cap asset. But monitor $LTC, as isolated pumps are often predecessors for $BTC. https://t.co/xViUwnLeOt pic.twitter.com/BO8u1moQNN
— Santiment (@santimentfeed) February 9, 2024
Apart from this, analysts also evaluated the RSI in LTC and evaluated that the RSI also gave a bullish signal. Analysts have noted that a two-month high on the RSI generally signals increased buying momentum and potential upward price movement.
*This is not investment advice.
