Last year’s crypto rally which began in April was largely the catalyzed by a major move from Litecoin. Technical signals are now turning bullish for LTC again, so will it repeat the move and boost bitcoin in the process?
Litecoin Turning Bullish
Litcoin was one of the biggest movers in the first half of 2019. The crypto asset surged 380% from $30 to max out at $145 in a pre-halving pump. It was widely reported that Litecoin was the catalyst for the industry wide rally that followed in Q2.
The rest is not worth repeating, as we all know what happened to LTC and nearly every other crypto asset in H2 2019.
A new year brings fresh optimism, as crypto markets touch a 2020 high of $212 billion in their largest 12 hour rally of the year.
Litecoin has made over 9% since the beginning of the year and has topped out at $46 during Asian trading today. It is the highest price for LTC in over a month but overall prices are still way down from previous peaks.
Crypto analysts and chart specialist ‘Willy Woo’ has been looking at the Litecoin difficulty ribbon which has finally flipped bullish after six months of steep down trend.
Should setup a bullish breakout of the bearish channel. I wouldn’t be surprised if LTC leads a bullish breakout of BTC.
Litecoin Difficulty Ribbon now in recovery. Should setup a bullish breakout of the bearish channel. I wouldn't be surprised if LTC to leads a bullish breakout of BTC. pic.twitter.com/DRJ5AT65fk
— Willy Woo (@woonomic) January 6, 2020
The last time this happened was at the beginning of 2019, a couple of months before that monumental rally. Woo also noted that this has been the largest miner capitulation that Litecoin has ever seen, as hash rates remain at a yearly low of around 150 TH/s.
$50 Barrier Needs to be Broken
Of course there is always a flip side to every price prediction and the same applies to LTC at the moment.
A recent Seeking Alpha article has taken a deeper look into the technical analysis, noting that Litecoin is still in a down trend following its 70% slump from last year’s peak.
The TA is a few days old and doesn’t take today’s rally into consideration but essentially Litecoin needs to break the psychological $50 barrier before it can be considered anywhere near to recovering.
The Litecoin Foundation launched a crowd funding campaign last month to raise $72,000 for network improvements. The move has not gone down well with the community which maintains that LTC founder Charlie Lee should pay for the development himself out of the $200 million he made by selling his entire stash at the peak.
At the moment Litecoin is just moving in the shadows of its big brother and until that changes it is likely to remain bearish.
Will Litecoin fly in the first half of 2020? Add your comments below.
Images via Shutterstock, Twitter @woonomic The post appeared first on Bitcoinist.com. origin »
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Market sentiment around Litecoin remained bearish.
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BTC’s NVT Ratio indicated that it was overvalued.
Most market indicators were bullish on the coin.
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Litecoin (LTC) is still trending low like the rest of the cryptocurrency market but one thing that separates the altcoin from the others is its obvious bullish case. Unlike the rest of the market, Litecoin looks set for another rally which will likely be propelled forward by the next halving.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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Litecoin’s (LTC) previous rally saw notable gains that halted near the 61.8% Fibonacci resistance. Since then, LTC has witnessed a strong reversal for over four months now.
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Despite the rejection, the Litecoin trend still looks bullish. The price is expected to make another breakout attempt in the near future. Long-Term Litecoin Resistance Levels Litecoin increased considerably over the past week, creating a bullish candlestick to reach a high of $230.
On Feb 16, the Litecoin price underwent a rapid price decrease. However, it is still trading above significant support areas and its long-term outlook remains bullish. Cryptocurrency swing trader @PostyXBT posted a Litecoin chart showing that while the price was initially successful in breaking through resistance, the recent Bitcoin decrease caused it to fall right […]
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Litecoin has a bullish short-term trading bias, with the cryptocurrency testing towards the best levels of 2019 The four-hour time frame is now showing a large bullish pattern The daily time frame continues to show the $180.
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LTC-USD Despite a generally bearish outlook in the last 24hrs, the day began with A bullish momentum. This was buttressed by the 7 day MA that was seen above the 21 day MA indicating a bullish signal.
From the support of the 0. 618 retracement level, the bulls made an upward move but were resisted as the price fell back to the downtrend zone. The initial bullish move has been terminated and the downtrend is likely to continue either to the $84 or $88 price level.
Bitcoin rallied past $8,000 last week and showed good resilience in maintaining its bullish momentum. Bitcoin was priced at $7,915. 81 with a market cap of $140. 18 billion and registered $23. 46 billion in 24-hour trading volume.
The $70 support level was holding as the bulls pulled above the EMAs to resume the bullish trend. Since the price has dropped below the continuation zone of the Fib. retracement levels, the crypto’s price is likely to further depreciate to the 0.
Bitcoin [BTC] experienced a fall of 10% after hitting a high of $8,000 yesterday, and its effect was seen on other coins as well. At press time, BTC stood at a price of $7,274. 92 and had a market cap of $128 billion, after falling by 8.
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On the upside, the market is expected at the $120 price level if the trend line is unbroken. On the downside, the market may fall below the $100 price level, if the trend line is broken. LTC/USD Medium-term Trend: Bullish Resistance Levels: $100, $104, $108 Support levels: $96, $92, $88 Yesterday, May 15, the price […]
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On May 12, the sellers located the lower price range and the LTC price consolidated for two days. On the upside, if the bulls succeed in breaking the upper price level, the crypto is expected to reach the previous high of $96 price level.
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On the upside, if the $76 support level holds, the crypto’s price will rise to retest the $78 and $84 resistance levels. On the downside, if the bears break below the $76, the crypto’s price will depreciate to a low at $70 price level.
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The LTC price is trading at $71. 90 and below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. A bullish candlestick tested the 12-day EMA but was repelled as the price continues its downward fall.
The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. If the bulls break above the EMAs, the crypto’s price will resume its bullish trend and retest the $ 96 resistance.
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