Litecoin Could be Coiling up for a Massive Rally Despite Lackluster Price Action
Litecoin has been widely looked down upon by investors as an inferior version of Bitcoin with few distinguishable differences, little utility, and waning development activities.
It is still one of the early cryptocurrencies that have ample liquidity and listings across all the major exchanges.
As such, when floods of new investors enter the ecosystem, they tend to throw money into these types of tokens, helping them to rocket higher.
One analyst is now noting that it could almost be time for Litecoin to see some immense upwards momentum.
He believes that it shows signs of strength from a technical perspective as bulls move to push it above a key level.
He also notes that it is not posting any potent reaction to any of Bitcoin’s recent selloffs. As such, it could be positioned to see some further momentum in the near-term.
That being said, betting on LTC is very much a bet on new investors entering the crypto markets and allocating money into tokens listed on the major exchanges.
Litecoin Tries to Push Higher Alongside BTC
The aggregated crypto market has been caught in the throes of an immense uptrend throughout the past few days and weeks.
Bitcoin has rocketed from its recent sub-$10,000 lows set just a few months ago to highs of $16,500 that were set yesterday.
Where the market trends in the near-term should depend largely on whether or not Bitcoin can post a high time frame close above its $16,000 resistance level.
At the time of writing, Litecoin is trading down just over 4% at its current price of $63.00. It is down from its daily highs of $67.00 but is still up significantly from its recent lows of $57.00.
Analyst Claims LTC Could Soon Rocket Higher
While sharing his thoughts on Litecoin’s near-term outlook, one analyst explained that it might soon see some serious upside.
He points to its strength despite Bitcoin’s recent downturn as a reason why it may soon push higher.
“I am once again long LTC. Minimal reaction to BTC’s dump last night, kept its composure, didn’t even wick below the trendline. To be honest, if I didn’t see the volume on CMC, I would think this coin is dead the way it moves, but maybe it’s time is coming.”
Image Courtesy of Chase_NL. Source: LTCUSD on TradingView.
If Litecoin does start gaining momentum, it could see inflows of capital from new investors who help push its price significantly higher.
Featured image from Unsplash. Charts from TradingView.
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