Litecoin has been among the worst performers in the crypto market in 2020 and 2021 thus far, despite the coin’s longevity in the top ten assets by market cap.
The coin’s fortunes could soon turn completely around, due to what looks to be a monster-sized move brewing against Bitcoin on the altcoin trading pair. Here’s why technicals suggest that near and mid-term Litecoin should outperform the top 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 cap currently looks vastly different now than it did one 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 Litecoin Has Bottomed, Next In Line For New ATH
XRP, a coin ranked in third for most of its lifetime, nearly plummeted completely from the top ten – but has since made a dramatic recovery.
Another coin the cryptocurrency bull run has mostly ignored, has been Litecoin. Along with Ripple, the altcoin dubbed digital silver have lagged behind the rest of the top ten assets, yet some how have clung on. Both of failed to set a new all-time high, but according to technicals, they’re next in line to do so.
Several bullish technicals suggest a major breakout and monster move is coming | Source: LTCBTC on TradingView.com
LTCBTC Monthly Technicals: On The Brink Of A Monster Bullish Move
Litecoin is an offshoot of Bitcoin code and often considered the silver to the digital gold narrative. The digital gold narrative has taken Bitcoin’s market cap to $1 trillion, but like silver lagging behind gold itself, Litecoin has barely been a blip on anyone’s radar.
However, bullish technicals on the LTCBTC trading pair are indicating a massive move against Bitcoin.
Related Reading | Litecoin Signal Shines, Suggests Downtrend Against Bitcoin Is Over
If a full turnaround starts now, a perfected TD 13 countdown marked the bottom with incredible precision. Supporting a major reversal on the altcoin ratio against Bitcoin, the monthly Stochastic indicator has crossed upward after spending two years in the bottom range. Coinciding with the crossover, the monthly Relative Strength Index has fallen back to touch a support level that wasn’t tapped since 2015.
The logarithmic MACD is also rolling upward, falling short of a bullish crossover just yet. The often considered lagging indicator is instead a signal that there’s clear skies ahead, and is more of a confirmation that a reversal has taken place.
Turning upward the last time in early 2017, took Litecoin to its current all-time high. After holding onto the top ten like a champ, it could finally be time for digital silver to shine.
Featured image from Pixabay, Charts from TradingView.com