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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

How Litecoin Can Follow DOGE To The Moon And Reach $2,000

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Litecoin LTC LTCUSDT

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With a 181.5% increase in the 24-hour chart, Dogecoin (DOGE) is breaking every resistance towards a new all-time high. On the other hand, Litecoin is showing strong momentum and, according to a trader, it could follow DOGE’s performance.

Investing App Robinhood offers its users the possibility to trade with 6 cryptocurrencies: DOGE, Bitcoin, Ethereum Classic, Bitcoin Cash, Bitcoin SV, and Litecoin. Trader and analyst “Pentoshi” believes DOGE’s current price action is coming from this platform.

However, Litecoin has the “best-looking chart” and is amongst the cheapest to buy in Robinhood, said Pentoshi. These two factors could converge with DOGE and LTC mining cycles. Pentoshi added:

On top of that. $Doge and $LTC is mined together. They are United by blood. Miners can take profits to LTC and it’s cheap compared to the Robinhood traders other options.

Pentoshi further added that PayPal’s crypto services have benefit LTC’s price. In LTC/BTC trading pair, Pentoshi set support in 444,976 satoshis and is aiming at 996,579 satoshis in the long run. The trader added the following on DOGE and LTC mining cycles:

$DOGE and $LTC are mined together. Both have the same cycles shown here: They are cyclical and repeat their fractals. Litecoin is just starting! It’s all there when you zoom out. History simply repeats.

https://twitter.com/Pentosh1/status/1383096895506092035

Litecoin (LTC) on route to $2,000?

Data from IntoTheBlock shows LTC indicators like Net Network Growth, metric to measure Litcoin’s “true” network growth, Large Transactions, Concentration, and others are bullish. The Futures Market Momentum is also bullish due to the increase in volume and open interest.

Litecoin LTC
Source: IntoTheBlock

The metric In/Out of the Money Around Price indicates further appreciation and support for LTC around $268 and $287. Over 100,000 LTC addresses bought almost 2 million LTC near these levels.

Litecoin LTC
Source: IntoTheBlock

In support of the bullish case, crypto trader Kaleo said LTC’s price to $1,000 is “imminent” and even set a further target toward $2,000.

$LTC to $2000 pic.twitter.com/V5n2CindFV

— K A L E O (@CryptoKaleo) April 15, 2021

LTC is trading at $313 with a 12.9% profit in the 24-hour chart. In the weekly and monthly chart, LTC has 38.6% and 56.1% profits, respectively.

Litecoin LTC LTCUSDT
LTC with bullish momentum in the 24-hour chart. Source: LTCUSDT Tradingview

Data from CryptoQuant indicates a rise in Coinbase premium over the past day. In this platform, there are already orders to sell LTC at $550 as analyst Eric Thies commented. Therefore, Litecoin investors seem to have enough reasons to remain bullish.

Someones got sells at $550 on #LTCUSD over on Coinbase Pro 👀 pic.twitter.com/4wKjImhb9w

— Crypto Thies (@kingthies) April 16, 2021

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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