Litecoin Has The Biggest Bullish Divergence Ever According To Analyst

According to one analyst, Litecoin has the biggest bullish divergence ever as a “legacy altcoins” with little utility in the current ecosystem. However, LTC still sees big rises in value due to the new entrants to the market buying it because of its established history in the crypto space so let’s read more in today’s Litecoin news.

The addition of LTC to platforms like PayPal could boost its adoption and utility which could be partially a major catalyst for another uptrend. Over the past few months, LTC saw some intense gains with buyers pushing the price from the recent lows of under $50.00 to highs of about $100 before it meets serious resistances that slowed down its increase. Despite being overshadowed by BTC and having limited the development activity, LTC is still quite popular for traders to use because of its high liquidity.

According to one analyst, Litecoin has the biggest bullish divergence while others believe that the addition to PayPal’s list of supported assets will help boost a rush of “no-coiner” money into the asset which could be a reason why the price increased over the past few days and weeks. One trader noted that the cryptocurrency is forming one of the biggest bullish divergences that were ever seen while looking at its BTC trading pair.
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At the time of writing, LTC is trading down over 6% of its current price at $83.77 which marks a drop from the recent highs of over $90.00 but what’s even more important is that it marked a serious rally from the lows of $64.00. The recent volatility for the coin came about because of the influx of derivatives trading activity from traders that were catching on to retail money and got redirected to “legacy altcoins” such as LTC. One analyst explained that LTC is poised to see another push in the near-term due to the formation of a bullish divergence that was seen towards the BTC trading pair.

He pointed out to a new tweet noting that this “is the largest bullish divergence” he has even seen in the crypto space which is a sign that a massive upside will be around the corner:

 “LTC paired with BTC has the largest bullish divergence I’ve ever seen for crypto. Let’s go.”