Litecoin has been extensively seemed down upon by buyers as an inferior model of Bitcoin with few distinguishable variations, little utility, and waning improvement actions.
It continues to be one of many early cryptocurrencies which have ample liquidity and listings throughout all the key exchanges.
As such, when floods of recent buyers enter the ecosystem, they have a tendency to throw cash into most of these tokens, serving to them to rocket greater.
One analyst is now noting that it may nearly be time for Litecoin to see some immense upwards momentum.
He believes that it reveals indicators of energy from a technical perspective as bulls transfer to push it above a key stage.
He additionally notes that it’s not posting any potent response to any of Bitcoin’s latest selloffs. As such, it may very well be positioned to see some additional momentum within the near-term.
That being mentioned, betting on LTC may be very a lot a wager on new buyers coming into the crypto markets and allocating cash into tokens listed on the key exchanges.
Litecoin Tries to Push Higher Alongside BTC
The aggregated crypto market has been caught within the throes of an immense uptrend all through the previous few days and weeks.
Bitcoin has rocketed from its latest sub-$10,000 lows set only a few months in the past to highs of $16,500 that had been set yesterday.
Where the market tendencies within the near-term ought to rely largely on whether or not or not Bitcoin can put up a excessive time-frame shut above its $16,000 resistance stage.
At the time of writing, Litecoin is buying and selling down simply over 4% at its present value of $63.00. It is down from its each day highs of $67.00 however continues to be up considerably from its latest lows of $57.00.
Analyst Claims LTC Could Soon Rocket Higher
While sharing his ideas on Litecoin’s near-term outlook, one analyst defined that it’d quickly see some severe upside.
He factors to its energy regardless of Bitcoin’s latest downturn as a motive why it could quickly push greater.
“I’m as soon as once more lengthy LTC. Minimal response to BTC’s dump final night time, stored its composure, didn’t even wick under the trendline. To be trustworthy, if I didn’t see the amount on CMC, I might suppose this coin is useless the way in which it strikes, however possibly it’s time is coming.”
Image Courtesy of Chase_NL. Source: LTCUSD on TradingView.
If Litecoin does begin gaining momentum, it may see inflows of capital from new buyers who assist push its value considerably greater.
Featured picture from Unsplash.
Charts from TradingView.