Litecoin bottomed and it isn’t performing anywhere nearly as well as the other cryptocurrencies, but there are some indicators that are showing the coin is next in line for an ATH as we can see more in today’s Litecoin news.
Litecoin bottomed despite the past cycle was quite popular and hyped other assets like BTC and ETH. However, now the coin isn’t performing well. Whatever it is that is causing the lag behind for the coin, there are some other indicators that show LTC is next in line for a new All-time high. The bull market was dominated mainly by ETH and BTC and the innovative technologies like NFTs and DeFi. Among the top performers of the year, Litecoin not being one of them were Bitcoin and Ethereum, performing well in the bull market.
During the cycle, LTC is lagging behind these other top ten assets but it did maintain its position with the top ten and it is at risk of falling out while ranked in the ninth position. Before this could happen, the altcoin will see a strong bounce according to a few technicals. On the rarely-used six timeframes, the LTCUSD trading pair we can see a completion of the technically cleanest Adam and EVE bottom formation. The target based on the metrics should send LTC to double its previous all-time high in a few weeks once things turn around. Looking at the LTC/BTC trading pair, the timeframes are signaling a downtrend that could be exhausting the coin.
The quarterly candle traded below the current level and made a reversal at this zone but on the monthly timeframes, the altcoin was trading against BTC in a falling wedge pattern and touched down on the RSI support after years on the market. At the same time, LTC fell to support dating back to 2014 before it got extended. Looking at the weekly timeframes, the bullish divergence on the RSI was building up since mid-2020. If the bullish divergence fails, LTC will set new lows but if confirmed, the reversal will begin well into 2021 before it tops out once again.
The fact that LTC remains behind BTC and ETH despite hitting an ATH in the past cycle, will indicate that the peak of the market is nowhere near.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
