If you can’t even call it the once-popular cryptocurrency built on Bitcoin code, Litecoin has a brutal “bull market.” But that could all turn around soon as the LTC-BTC trading pair brews a massive bounce.
A changeover of the trading pair could aid Litecoin in reaching the rest of the market, which has already established some and new all-time highs. The upside could be quick and violent if and when LTC recovers against BTC. Here is why.
Lights Out For This Altcoin’s Bull Market
When compared with Dogecoin, Ethereum, Bitcoin, Binance Coin, and a few others, the Litecoin chart shows how deeply dark the crypto winters are for an altcoin. At the height of the last bull market, Litecoin was an incredible player who went flash above $360 per LTC.
In 2019 the Altcoin led the charge, driven by the buzz around the block half-payout of the Protocol. The code of Litecoin is very similar to the Bitcoin code, with several key similarities that the “digital silver,” such as hard-coded scarcity, would benefit from.
There are only 84 million LTC, a mere quarter of the supply to the BTC. And if scarcity drives demand behind Bitcoin, it’s confusing that Litecoin doesn’t follow. However, the interpretations of the LTCBTC price chart by one analyst show a bounce.
LTCBTC on TradingView.com
Smart Money Signals That Litecoin Is Ready To Bounce Against Bitcoin
The trader who shared this chart says that LTCBTC currently supports a decreasing wedge in the long term, which corresponds with a sweeping disparity in the balance volume indicator (OBV).
The OBV is often considered the “smart money indicator” – named as such for its ability to collect traffic signals before prizing begins. These signals represent the use of “smart money” early before billing. Fractals from the last bull market suggest an emergence is near, but coin owners take their time.
Losing support would bring LTCBTC to the lowest level at this time, but a complete overturn could bring the altcoin back to the highest in its Bitcoin relation. For many years, Litecoin is one of the oldest and only one of the few cryptocurrencies to hang on the top ten assets by market cap even though it is incapable of reverting its previous price record.
Will Litecoin bounce back to Bitcoin and recover completely?
For the last couple of weeks, Litecoin has traded in an upward trend and finally came out of an essential 4-hour pattern. Ahead of a new 2021-high over $250 LTC bulls face weak resistance. In the 4-hour chart, Litecoin broke up from the ascending triangle pattern with a price target of $265, a move of 27% calculated by reference to the size of the pattern.
LTC/USD 4-hour chart
The IOMAP chart only shows a crucial area of resistance between $227 and $233, with 42,000 addresses producing 2.24 million LTC volume. The IOMAP chart seems to be adding credibility to this perspective. There are hardly any other obstacles, however, above this point.
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