Litecoin is cleared for takeoff after a brutal downtrend against Bitcoin and the dollar. Could the cryptocurrency known as digital silver be the next Altcoin
‘ href=”https://www.newsbtc.com/dictionary/altcoin/”>altcoinseason is back across crypto, and lower liquidity coins begin to rake up all the capital.
Related Reading | Litecoin On The Verge Of Monster Move
It takes less capital to move the price of these coins further, and after such a long-stretch of negative sentiment in Litecoin while Bitcoin soaked up all the positivity, it could result in an especially powerful move.
All the same perfect-storm conditions are back from the last time the tides changed. The LMACD is turning up on monthly timeframes, suggesting momentum is in bulls’ favor.
The downtrend both times lasted roughly the same amount of time, and the big move up came after breaking above the middle-Bollinger Band – something that is clearly happening again now according to the chart pictured above.
With Bitcoin diving, and Litecoin and other altcoins getting their day in the limelight now, there’s a chance the massive move is only just beginning. Measured move targets point to as much as a 240% move against Bitcoin. Will LTC strike BTC for a second time?
Featured image from Pixabay, Charts from TradingView.com