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Home Technical analysis LTC

Digital Silver: Why Litecoin Is Poised To Bounce Versus Bitcoin

Tony Spilotro by Tony Spilotro
1 month ago
in LTC
Reading Time: 3min read
litecoin bounce bitcoin ltcbtc ltc btc
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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’s Bull Market

Comparing Litecoin’s chart next to the likes of Dogecoin, Ethereum, Bitcoin, Binance Coin, and several others, shows just how dark the depths of the crypto winter got for the altcoin.

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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 also led the charge in the 2019 crypto market recovery, fueled by buzz surrounding the protocol’s block reward halving.

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.

litecoin ltcbtc

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 are taking their time.

Related Reading | This LTC Fractal Says Time Is Running Out To Accumulate At Low Prices

Losing support would take LTCBTC to the lowest levels yet, but a full reversal here could take the altcoin back to highs on its ratio against Bitcoin.

Litecoin is one of the oldest cryptocurrencies and one of the few to hang onto the top ten assets by market cap for several years at a time, even despite an inability to reclaim its former price record.

Will Litecoin finally bounce against Bitcoin and make a full recovery?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinbitcoinbtcbtcusdBTCUSDTcryptoLitecoinltcltc/usdltcbtcLTCUSDTxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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