After full month of consolidation LTC broke out of the sloping resistance and then backtested major iceline at $145 for support (swing high from June 2019) making a higher low and bouncing. This confirmed Hidden Bullish Divergence that developed on both oscillators (MACD and RSI) that already started to play out earlier today. LTC seems ready to go much higher from here.
Litecoin has a lot of bullish announcements lined up, most importantly MWEB code completion scheduled for March 15th with update going live some time afer that date but also Flare network snapshot for incoming cryptocurrency airdrop around the same time. Quick look at Greyscale cryptocurrency fund also shows them rapidly increasing their LTC supplies which historically was a bullish sign for other assets in their portfolio. Being one of the original cryptocurrencies with relatively low supply, great brand recognition and wide availability (also through platforms like PayPal and Robinhood) as well as easy exposure to the asset through tax-advantaged LTCN trust, it seems to have short and mid term fundamentals on its dise. LTC offers considerably faster transactions and lower transaction fees compared to other cryptocurrencies like Ethereum or Bitcoin (especially as prices and network usage of those 2 increase rapidly) thus lending itself more easily to real-world use cases as well as transferring funds between cryptocurrency exchanges. Cryptocurrency market as a whole is currently in a strong bullish trend and bullish macro is only adding to this LTC long idea.
Additionally, LTCBTC pair also looks very interesting, showing signs of bottoming out after trending downward for about 2 years (looking incredibly similar to DOGEBTC chart right before it reversed for over 1000% gains last month). Historically each time this trend reversed on LTCBTC in the past, the upward move was always very strong and quick (price history on that chart is basically straight up and straight down), the final profit taking target on that setup would be over 400% up from where we are today if it were to play out, putting a conservative LTC price target at around $750+.
Litecoin has a lot of bullish announcements lined up, most importantly MWEB code completion scheduled for March 15th with update going live some time afer that date but also Flare network snapshot for incoming cryptocurrency airdrop around the same time. Quick look at Greyscale cryptocurrency fund also shows them rapidly increasing their LTC supplies which historically was a bullish sign for other assets in their portfolio. Being one of the original cryptocurrencies with relatively low supply, great brand recognition and wide availability (also through platforms like PayPal and Robinhood) as well as easy exposure to the asset through tax-advantaged LTCN trust, it seems to have short and mid term fundamentals on its dise. LTC offers considerably faster transactions and lower transaction fees compared to other cryptocurrencies like Ethereum or Bitcoin (especially as prices and network usage of those 2 increase rapidly) thus lending itself more easily to real-world use cases as well as transferring funds between cryptocurrency exchanges. Cryptocurrency market as a whole is currently in a strong bullish trend and bullish macro is only adding to this LTC long idea.
Additionally, LTCBTC pair also looks very interesting, showing signs of bottoming out after trending downward for about 2 years (looking incredibly similar to DOGEBTC chart right before it reversed for over 1000% gains last month). Historically each time this trend reversed on LTCBTC in the past, the upward move was always very strong and quick (price history on that chart is basically straight up and straight down), the final profit taking target on that setup would be over 400% up from where we are today if it were to play out, putting a conservative LTC price target at around $750+.