Litecoin has had a brutal “bull market” if you can even call it that for the once popular cryptocurrency built on Bitcoin’s code. However, that all might soon turn around, as a massive bounce is brewing on the LTCBTC trading pair.
A reversal on the trading pair could help Litecoin catch up to the rest of the market, which has already set new all-time highs and then some. If and when LTC recovers against BTC, the upside could be swift and violent. Here’s why.
How Long It’s Been Lights Out For This Altcoin
Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.
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’s Bull Market
Comparing Litecoin’s chart next to the likes of Dogecoin, Ethereum, Bitcoin, Binance Coin
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Litecoin was an incredible performer at the height of the last bull market, rising to beyond $360 per LTC in a flash.
The Altcoin
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Related Reading | Why Litecoin Is The Next Crypto To “Teleport” Like Dogecoin
Litecoin’s code is very similar to Bitcoin’s, giving it several key similarities that should be benefiting the “digital silver” counterpart currently, such as hard-coded scarcity.
Only 84 million LTC exist, a mere four times the amount of the BTC supply. And if scarcity is driving the demand behind Bitcoin, the fact that Litecoin isn’t at all following is confusing.
But a bounce is due, according to one crypto analyst‘s interpretation of the LTCBTC price chart.
A hidden dull div on the OBV could trigger a breakout of the falling wedge | Source: LTCBTC on TradingView.com
Smart Money Signals That Litecoin Is Ready To Bounce Against Bitcoin
The trader who shared the above chart says that LTCBTC is currently at long-term support of a falling wedge, coinciding with a bullish divergence on the on-balance volume indicator (OBV).
The OBV is often regarded as the “smart money indicator” – named as such for its ability to pick up signals of movements before they begin to take effect in price action.
These signals represent “smart money” taking positions early before markup. Fractals from the last bull market suggest that a breakout is near, but holders of the Coin
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Related Reading | This LTC Fractal Says Time Is Running Out To Accumulate At Low Prices
Losing support would take LTCBTC to the lowest levels…
Read More:Digital Silver: Why Litecoin Is Poised To Bounce Versus Bitcoin
