A leading crypto analytics firm says deep-pocketed whales are quickly accumulating Cardano (ADA) and Litecoin (LTC).
Santiment says Cardano is likely undervalued given how much whales and sharks are grabbing it up.
“Is Cardano severely undervalued at this point? One of santimentfeed’s key community members certainly sees data making this case, such as sharks and whales (holding 100,000 to 10 million ADA) accumulating aggressively these past six weeks.”
Per Santiment, there is a divergence between the price of ADA and the volume of accumulation, signaling bullish sentiment.
“I see a divergence between price and whales activity. BULLISH.”
The selling of ADA is also tapering off.
“There are signs of exhaustion of sellers. On every big price decrease there are less and less coins moving at a loss. BULLISH.”
According to Santiment, a volume gap on the daily chart could signal an upward swing.
“We are near the area of filling the volume gap. We may expect some serious buying at those levels. BULLISH.”
At time of writing, ADA is changing hands $0.247.
The Santiment analysis of Litecoin found that the price ratio of the Bitcoin (BTC) alternative is still increasing against the king asset. The price ratio against Bitcoin is the amount of Litecoin it takes to purchase one Bitcoin. The ratio increase coincides with an increase in large holders and addresses.
“Litecoin’s price ratio vs. Bitcoin remains up big since large addresses began popping up at historic rates starting in May. Since June 12th, the LTC / BTC price ratio is up plus-130%. The network just hit the most 1,000-plus LTC addresses in two years.”
Litecoin is valued at $66.17 at time of writing.
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Source: https://dailyhodl.com/2022/12/29/cardano-ada-and-litecoin-ltc-whales-accumulating-aggressively-says-crypto-analytics-firm-santiment/