Despite the bullish factors that formed for the asset, Litecoin suffers major rejection at the downward resistance. LTC was among the biggest movers on the market and even surpassed BTC substantially, entering into the year-long downtrend line against it but unfortunately, It got rejected. In today’s Litecoin news, we are reading more about the price analysis.
With the general consensus being that Litecoin is usually a leader in the way for crypto trends, further fall against Bitcoin could be incoming according to analysts’ opinion. Litecoin didn’t do much during the altcoin season this summer while Ethereum and DeFi gained quite a bit of capital. When the trend ended, the tides turned to BTC but now it could be Litecoin’s turn to do the same. The digital silver altcoin had a lackluster price during 2020 but there are chances that it could end up being the crypto that most traders will benefit from especially after the news on PayPal emerged.
There was no other event that came close to PayPal supporting cryptocurrencies and offering them to its pool of 350 million users. The news was also a catalyst that started a bull market for bitcoin since there are only four cryptocurrencies offered by the company: Bitcoin, Ether, Litecoin, and Bitcoin Cash. Litecoin is the cheapest of them all and has a scarce supply but it did respond with an explosive movement by 25% in this week alone. the daily charts show there was a clear breakout of Litecoin’s downtrend line against the dollar but against Bitcoin, it didn’t look weak.
According to the charts, Litecoin suffers major rejection making it the fourth time from the downtrend line stemming from the 2019 altcoin peak. At that time, LTC started the year with an explosive movement due to its block reward halving. The asset hit 500% return before a huge crash occurred and BTC made a run to $13,800 leaving other assets behind. Litecoi’s weakness for the BTC pair suggested that there’s still one major fall left for altcoins against Bitcoin. While BTC makes a run to the previous all-time high, other altcoins could crash because of its bullishness as they did last year.
The one thing that could save Litecoin could be the fact that the current altseason skipped over the coin entirely.
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When LTC breaks out against Bitcoin, it could rise anywhere from 150 to 450% on the ratio.
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