Litecoin has been broadly appeared down upon by buyers as an inferior model of Bitcoin with few distinguishable variations, little utility, and waning growth actions.
It’s nonetheless one of many early cryptocurrencies which have ample liquidity and listings throughout all the main exchanges.
As such, when floods of recent buyers enter the ecosystem, they have an inclination to throw cash into a lot of these tokens, serving to them to rocket increased.
One analyst is now noting that it might virtually be time for Litecoin to see some immense upwards momentum.
He believes that it reveals indicators of energy from a technical perspective as bulls transfer to push it above a key stage.
He additionally notes that it’s not posting any potent response to any of Bitcoin’s latest selloffs. As such, it might be positioned to see some additional momentum within the near-term.
That being stated, betting on LTC could be very a lot a guess on new buyers coming into the crypto markets and allocating cash into tokens listed on the main exchanges.
Litecoin Tries to Push Larger Alongside BTC
The aggregated crypto market has been caught within the throes of an immense uptrend all through the previous few days and weeks.
Bitcoin has rocketed from its latest sub-$10,000 lows set just some months in the past to highs of $16,500 that have been set yesterday.
The place the market developments within the near-term ought to rely largely on whether or not or not Bitcoin can publish a excessive time-frame shut above its $16,000 resistance stage.
On the time of writing, Litecoin is buying and selling down simply over 4% at its present worth of $63.00. It’s down from its day by day highs of $67.00 however remains to be up considerably from its latest lows of $57.00.
Analyst Claims LTC May Quickly Rocket Larger
Whereas sharing his ideas on Litecoin’s near-term outlook, one analyst explained that it’d quickly see some critical upside.
He factors to its energy regardless of Bitcoin’s latest downturn as a purpose why it could quickly push increased.
“I’m as soon as once more lengthy LTC. Minimal response to BTC’s dump final night time, stored its composure, didn’t even wick beneath the trendline. To be trustworthy, if I didn’t see the amount on CMC, I’d suppose this coin is useless the way in which it strikes, however possibly it’s time is coming.”
Picture Courtesy of Chase_NL. Supply: LTCUSD on TradingView.
If Litecoin does begin gaining momentum, it might see inflows of capital from new buyers who assist push its worth considerably increased.
Featured picture from Unsplash. Charts from TradingView.