Litecoin Prints Many Buying Signals Which Could Prove Bullish

Despite the brutal retracement which the cryptocurrency news and market saw this week, one top analyst is getting bullish on Litecoin (LTC) and starting to invesigate the technicals around the coin. As we can see now, Litecoin prints many buying signals and there is an array of technical factors which favor the cryptocurrency.
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And while this may not seem relevant to many readers, LTC’s directionality could have a strong effect on the rest of the crypto asset class – Bitcoin included. The cryptonews show that in times of a pullback like the one we are seeing, Litecoin prints good signals which is why we need to be optimistic about this coin.

A full analysis published on Sunday by the popular trader Byzantine General shows that the cryptocurrency gained around 95% this year, outpacing Bitcoin by 100% but still underperforming against Ethereum and the Bitcoin hard forks.

The analysis pointed out to four technical factors which show how Litecoin prints new buying signals and how the price is looking surprisingly bullish:

1. The one-week Moving Average Convergence Divergence (MACD) which turned bullish, seeing a positive cross.
2. The one-week Ichimoku Cloud which also crossed bullish.
3. Litecoin recently flipped a “major” resistance region into support on a weekly basis.
4. LTC’s weekly supertrend has turned bullish.

This is what Litecoin prints this week according to the analyst – and how it could rise in the future. As he said, this is good for Bitcoin and the altcoin news too, mainly because of the weird correlation where Litecoin’s price action is often later reflected to Bitcoin, which then causes the rest of the cryptocurrencies to move.

The most memorable case of this was seen in the first half of 2019 which is when the altcoin suddenly began surging higher – months before its block reward halving. For a few weeks, we saw LTC rallying on its own and gaining dozens of percent week-on-week as the market was relatively flat. However, Bitcoin moved later and followed in the path blazed by LTC.

What if Litecoin is leading Bitcoin again, like it did last year? pic.twitter.com/VHB3RLm5rd

— Loma (@LomahCrypto) February 1, 2020

Furthermore, LTC has the ability to front-run Bitcoin which it did a couple of weeks ago, when it broke higher as BTC was stagnating. Bitcoin, of course, followed the asset higher just days later.