Altcoins News
By TCA PR
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Litecoin Trades Above 5% Level
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Key Reversal Pattern Formation
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LTC’s Next Parabolic Momentum
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Over the past few years, Litecoin (LTC) has suffered after the market bubble. However, there are instances that it trades along with the cryptocurrency market’s leader, such as…
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The 2020 rally of LTC has begun reaching steam as it displayed some signs of the possible upward leg. These signs will push the crypto asset to hit a new year-to-end high.
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At the time of writing, Litecoin gained the seventh spot as the largest crypto asset by market capitalization.
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Considering the market performance of Litecoin over the past few weeks, it rallied to a significant distance where it reached the current above $70 from recent lows of $50.
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A lot of LTC enthusiasts believe that the current surge is just a beginning of higher surges.
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At the moment, the current price of Litecoin is $71 and trading above 5%. This translates that it successfully climbed from the daily lows, which are below the $69 level.
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The recent climb is significant to the Litecoin bulls. That’s because it invalidated the possible bearish zone that is formed today.
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Crypto analyst Big Cheds noted that the ability of the LTC bulls in deceiving the bearish pattern suggests for positive scenarios. If the bulls successfully close above the $69.
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Technical analyst Rekt Capital noted that the LTC/BTC chart is displaying signs of macro reversal formation following the Litecoin’s collapse against Bitcoin (BTC) in 2019.
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Although BTC recorded an overwhelming 35% market performance, LTC performed even better as it surged by 76%. As a result, the LTC/BTC pair surged higher.
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Additionally, the analysis of Rekt Capital implies that once the LTC/BTC pair managed to retain above the 0.0075 BTC, then it led Litecoin to a fresh market cycle.
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Many folks in the crypto space have noticed that Litecoin is forming the same bottom formation it had during the late-2019.
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