This is actually my first Litecoin analysis, even though I've held a position recently since around $32. Should have posted something back then, as I was fairly confident in a breakout there. Anyway, I decided to take a look at a long term chart (and this was the best I could find on Tradingview for now). From what it looks like, Litecoin has generally been in low demand against Bitcoin
throughout the last few years. However, we recently made a MAJOR long-term higher low. If we can break out from this current resistance, we could see LTC heading all the way up to the green supply zones and perhaps making a new ATH
on the ratio. This means that LTC may actually be about to start a true bullish trend
Fundamentally, this trend shift would be supported by upgrades to its code that make it more desirable than Bitcoin
. However, a significant failure in the market could produce a powerful breakdown here, as we are at a potential LONG TERM diagonal resistance (in pink). We have a new uptrend line forming below us as well (in pink), so if the market fails to move up soon, we may have to slide back down there or to the red demand zone
. In that case, the bullish
view may end up being negated.
Not financial advice, and I'm not a qualified financial advisor. This is just something I'm looking at, in terms of long term potential. May not play out. I think it's interesting, nonetheless.