Litecoin is the epitome of what traders explain as a “legacy altcoin” with minimal utility in the current crypto ecosystem, but nevertheless generally sees massive rises in benefit thanks to new entrants to the industry shopping for it thanks to its established history in just the crypto ecosystem.
In addition, the addition of Litecoin to platforms like PayPal may possibly also improve its adoption and utility, which might partly be the catalyst for its latest uptrend.
More than the previous thirty day period, LTC had observed some powerful gains, with potential buyers pushing its price tag from lows of underneath $50.00 to highs of nearly $100.00 before it fulfilled some major resistance that slowed its ascent.
Irrespective of it remaining overshadowed by Bitcoin and acquiring restricted progress action, it is however a well known asset for traders to use because of to its significant liquidity.
Quite a few feel that the addition of it to PayPal’s suite of supported crypto assets will assist usher in a hurry of “no-coiner” cash into the asset, which may be why its value has risen in excess of the previous couple of times and months.
One trader is now noting that the cryptocurrency is forming a person of the premier bullish divergences he has at any time found when searching to its Bitcoin buying and selling pair.
Litecoin Consolidates as Crypto Market’s Momentum Falters
At the time of writing, Litecoin is buying and selling down about 6% at its present-day cost of $83.77. This marks a decrease from new highs of about $90.00, but it is essential to notice that it also marks a severe rally from its current lows of $64.00.
The cryptocurrency’s new volatility has come about owing to an inflow of derivatives buying and selling activity from traders who are banking on new retail revenue being directed to “legacy” altcoins like LTC.
LTC Types Massive Bullish Divergence, Claims Analyst
A person analyst spelled out that Litecoin is poised to see a serious press higher in the in the vicinity of-time period due to the development of an unbelievably bullish divergence seen when looking to its Bitcoin buying and selling pair.
He pointed to this in a current tweet, noting that it is the “largest bullish divergence” he’s ever viewed in the crypto market – a indication that massive upside could be ideal all around the corner.
“LTC paired with BTC has the largest bullish divergence I’ve ever noticed for crypto. Let’s go,” he explained whilst pointing to the beneath chart.
Picture Courtesy of CryptoBirb. Source: BTCUSD on TradingView.
As extensive as the legacy altcoins like XRP and Litecoin carry on pushing greater, there is a robust probability that it will shortly split $100 and see one more leg up.
Showcased picture from Unsplash. Charts from TradingView.