Litecoin could turn around despite having a lackluster price action but the coin could bounce against bitcoin in the near-term. A massive bounce is brewing on the LTCBTC trading pair and in our latest litecoin news, we are reading more about the price analysis.
A reversal on the trading pair will help Litecoin catch up with the rest of the market which sets a new all-time high so if LTC recovers again against BTC, the upside could be quite violent. Litecoin could turn around sooner than expected. Comparing LTC’s chart to Dogecoin’s or ETH, BTC, and Binance coin shows how dark the depth of the crypto winter is going for LTC. Litecoin was quite the good performer and at the height of the last bull market and rise to beyond $360 in a flash.
The altcoin led the charge in 2019’s market recovery that was fueled surrounding the protocol’s block reward halving with the code is very similar to bitcoin’s giving it a key similarity that will be beneficial for the digital silver like the hard-coded scarcity. Only 84 million LTC exist and about four times the amount of the BTC supply so if the scarcity is driving the demand behind Bitcoin, the fact that LTC is not following is confusing. However, some analysts believe that a bounce is due as looking at the LTC/BTC price chart.
The trader that shared the chart says that LTC/BTC is now at long-term support of the falling wedge and coincides with the bullish divergence on the on-balance volume indicator. The OBV is regarded as the “Smart money indicator” named as such for the ability to pick up the signals of other movements that are happening before the price action takes place. These signals represent “smart money” and take positions early before the markup so fractals from the last bull market suggest that a breakout is close but the holders are taking their time.
Losing the support would take LTCBTC to the lowest levels but a full reversal here could take the coin back to highs on its ratio against BTC. Litecoin is one of the oldest cryptocurrencies and one of the few that is able to hinder in the top ten assets by market cap for a few years now even when it was unable to reclaim its former price record.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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