Litecoin was among the worst performers in the crypto market in 2020 and 2021, despite the coin’s longevity in the top ten assets by market cap.
The coin’s fortunes could soon change completely as a monster-sized move against Bitcoin brews on the altcoin trading pair. Because of this, the technicians suggest that Litecoin should outperform the top cryptocurrency by miles in the short and medium term.
Litecoin’s longevity helps Altcoin maintain the top ten on the Crypto Cap rankings
The cryptocurrency market is constantly changing. The ten most important cryptocurrencies by market capitalization currently look very different from a year ago. Coins that were in the top ten during the last bull market no longer belong to that elite.
Related reading | Five Characters Litecoin is down, next in line for new ATH
XRP, a coin that has been in third place for most of its life, fell almost entirely out of the top ten – but has since rebounded dramatically.
Another coin that the cryptocurrency bull run largely ignored was Litecoin. Along with Ripple, the altcoin, known as digital silver, lagged the other top ten assets, but some have stuck to it. Neither of them managed to hit a new all-time high, but according to tech specs, they’re next in line.
Several bullish technicians point to a major breakout and a monster pull ensues Source: LTCBTC on TradingView.com
LTCBTC Monthly Technicals: On the verge of a Monster Bullish Move
Litecoin is an offshoot of the Bitcoin code and is often viewed as silver for digital gold narration. The digital gold narrative has raised Bitcoin’s market cap to $ 1 trillion, but like silver, which lags behind gold itself, Litecoin has hardly been a slip on anyone’s radar.
However, the bullish technicals of the LTCBTC trading pair suggests a massive move against Bitcoin.
Related reading | Litecoin signal is lit, indicating that the downward trend against Bitcoin is over
Now, when a full turnaround begins, a perfected TD 13 countdown will mark the floor with incredible precision. The monthly stochastic indicator, which supports a clear reversal of the Altcoin ratio to Bitcoin, has crossed upwards in the lower area after two years. Simultaneously with the crossover, the monthly Relative Strength Index fell back to reach a level of support not seen since 2015.
The logarithmic MACD also rolls up and just misses a bullish crossover. The often-considered lag indicator is instead a signal that a clear sky is imminent, rather than a confirmation that a reversal has occurred.
When Litecoin last turned up in early 2017, it hit its current all-time high. After clinging to the top ten like a champion, it might finally be time for digital silver to shine.
Featured image from Pixabay, charts from TradingView.com