Santiment says that the FOMO sentiment for Litecoin and XRP is on the rise.
The two altcoins are expected to turn volatile and traders are advised of increased risks.
Litecoin has done $14.17 billion in transactions in the last seven days.
Litecoin (LTC) and XRP, two leading cryptocurrencies in the digital asset sector, are poised for potential breakouts due to the growing Fear Of Missing Out (FOMO) sentiment. The altcoins have performed well in recent days amid the broader market rally.
According to the data by blockchain analysis platform Santiment, XRP and LTC are currently witnessing the formation of bullish narratives among investors and as a result, volatility is expected to surge in the near future. Santiment added:
“These coins can continue to rise, but the crowd’s euphoria toward these assets could make them high risk, high reward investments this week.”
CoinMarketCap data shows that XRP rallied more than 29% in the last seven days, outperforming Avalanche (AVAX), Toncoin (TON), Solana (SOL), Dogecoin (DOGE), along with leading digital assets Bitcoin (BTC) and Ether (ETH). On the other hand, LTC shot up almost 13% in the past week.
The chart by TradingView confirms that the buying demand for XRP shot up significantly over the last couple of days. The altcoin formed six consecutive bullish daily candles and continues to make higher highs, trading at $0.55 at the time of publication.
The Relative Strength Index (RSI) for XRP price action is valued at 70.64 and the token is on the verge of entering the overbought region. A cool-off or correction can be expected in the near future.
Data provided by IntoTheBlock shows that Litecoin has been a very active blockchain, processing $14.17 billion in transactions in the last seven days. This is significantly higher than other blockchains like Dogecoin (DOGE), which has processed $706.33 million in the past seven days. Meanwhile Avalanche blockchain did $840 million in transactions in the same period.
As per the chart provided by TradingView, LTC is priced at $73.18 at the time of writing and the altcoin reached a daily high of $73.48.
The RSI for LTC price action reads 54.82, suggesting that the bulls are now in charge, and the gradient of the line suggests that higher prices may be possible as buying demand continues to rise.
The post Crypto Market Update: Litecoin and XRP Lead the Altcoin Rally appeared first on Coin Edition.
