Big Litecoin advances today have traders wondering about future increases for bigger coin chains like BTC and Ethereum.
As Horus Hughes puts it at Cointelegraph this morning, LTC “lit up the charts,” moving up 20% to a high of $69.72 within the last 24 hours.
“The LTC/USDT pair broke above the 200-DMA on the highest trading volume seen since April 2019 when the price moved from $59 to $99,” Hughes writes. “In addition to breaking out of the descending channel, Litecoin also surged above a high volume node on the volume profile visible range at $55-$58 to set a weekly higher high at $69.89…”
The move represents three-month highs for the altcoin which operates currently with a $4.3 billion market capitalization and a circulating supply of 64 million coins.
As a harbinger of what’s to come, Hughes suggests some are seeing Litecoin’s rally as indicative of other future gains.
“Investors will recall that in 2019, Litecoin front-ran the Ether (ETH) and Bitcoin rally by pumping more than 350% from January to June,” Hughes writes. “Thus, the altcoin’s most recent price action is sure to stir up some strong feelings amongst traders who may interpret (LTC’s) trend reversal as the beginnings of a wider crypto-market rally.”
Providing a daily chart, Hughes cites a massive cup and handle pattern that he says typically “serves as a springboard for the continuation of the uptrend.”
Litecoin has a relatively small dominance rate of 1.5%, but it’s getting a lot of attention on today’s market – stay glued to LTC prices to see how this smaller coin offering fares, and how it may inform the market as a whole.
