Litecoin has been among the worst performers in the cryptocurrency market in 2020 and 2021 thus far, despite the longevity of the coin in the top ten assets by market capitalization.
The currency’s fortunes could soon change completely, due to what appears to be a monster-sized move brewing against Bitcoin in the altcoin trading pair. Here’s why techs suggest that Litecoin in the short and medium term should outnumber the major cryptocurrency by miles.
Litecoin Longevity Helps Altcoin Maintain Top Ten Crypto Cap Ranking
The cryptocurrency market is constantly changing. The top ten cryptocurrencies by market capitalization currently look very different now than they did a year ago. Coins that were in the top ten during the last bull market are now no longer part of that elite.
Related reading | Five signs that Litecoin has bottomed out, next in line for the new ATH
XRP, a coin ranked third for most of its life, almost completely plummeted from the top ten, but has since rallied dramatically.
Another currency that the bull run on cryptocurrencies has mostly ignored has been Litecoin. Along with Ripple, the altcoin dubbed digital silver has lagged behind the rest of the top ten assets, but some have held on. Both failed to set a new all-time record, but according to technicians, they are next in line to do so.
Several Bullish Techs Suggest A Big Breakout And A Monster Move Is Coming | Source: LTCBTC at TradingView.com
LTCBTC Monthly Techniques: On The Verge Of A Huge Bullish Move
Litecoin is a branch of the Bitcoin code and is often considered silver for the digital gold narrative. The digital gold narrative has brought Bitcoin’s market capitalization to $ 1 trillion, but just as silver lags behind gold itself, Litecoin has hardly been a sign on anyone’s radar.
However, the bullish technicals on the LTCBTC trading pair are signaling a massive move against Bitcoin.
Related reading | Litecoin Signal Glows, Suggests Downtrend Against Bitcoin Is Over
If a complete change begins now, a refined TD 13 countdown marked the bottom with incredible precision. Supporting a major reversal in the altcoin versus Bitcoin ratio, the monthly stochastic indicator has crossed higher after spending two years in the lower range. Coinciding with the crossover, the monthly relative strength index has retreated to touch a support level that had not been exploited since 2015.
The logarithmic MACD is also climbing, below a bullish crossover for the time being. The indicator often considered lagging is instead a sign that there are clear skies ahead and is more of a confirmation that a reversal has occurred.
Turning up for the last time in early 2017, Litecoin reached its current all-time high. After staying in the top ten as a champion, it might finally be time for digital silver to shine.
Featured Image from Pixabay, Charts from TradingView.com