Despite the brutal retracement the cryptocurrency market saw this week, a top analyst is getting bullish on Litecoin, citing an array of technical factors.<\/p>\n
While this may not seem relevant to many readers, as many of you may not trade or own the altcoin, LTCs directionality could have a strong effect on the rest of the crypto asset class, Bitcoin included.<\/p>\n
The pullback in the cryptocurrency market hasnt fazed analysts.<\/p>\n
In fact, a popular trader, Byzantine General, is extremely optimistic about Litecoin, a cryptocurrency that has gained around 95% this year outpacing BTC by 100%, though underperforming Ethereum and the Bitcoin hard forks.<\/p>\n
In an analysis published Sunday, Byzantine General pointed to four technical factors suggesting LTCs long-term price trend is looking surprisingly bullish:<\/p>\n<\/p>\n
Our readers who dont own or trade LTC may be wondering why this matters. Well, a weird correlation has formed over the past year or two where Litecoins price action is often later reflected in Bitcoin, which then causes the rest of cryptocurrencies to move.<\/p>\n
The most memorable case of this was in the first half of 2019, which is when the altcoin suddenly began surging higher months prior to its block reward halving. For a few weeks, the altcoin rallied on its own, gaining dozens of percent week-on-week as the market was relatively flat. But eventually, Bitcoin started moving, following in the path blazed by LTC.<\/p>\n
Furthermore, LTC front-ran Bitcoin just a few weeks ago, when it suddenly broke higher as BTC was stagnating. Bitcoin, of course, followed the asset higher just days later.<\/p>\n
Litecoins ability to precede the rest of the market is important because it suggests that should LTC start rallying here, buoyed by the aforementioned technical factors, so too should Bitcoin.<\/p>\n
Theres also been some talk about Litecoins pre-halving performance potentially predicting how Bitcoin will fare in the coming months, though this hasnt been entirely fleshed out.<\/p>\n
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Litecoin Prints Array of Buying Signals, and Thats Massively Bullish for Crypto - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Despite the brutal retracement the cryptocurrency market saw this week, a top analyst is getting bullish on Litecoin, citing an array of technical factors. Continue reading