Litecoin, often dubbed as the “silver to Bitcoin’s gold,” is gaining momentum among analysts who foresee it potentially outperforming Bitcoin in the near future. Tony “the Bull,” a certified chartist and the Head of Research at NewsBTC, recently presented a bullish perspective for the 18th most valuable cryptocurrency. He pointed out the monthly candlestick formations as indicators of an impending breakout that could drive the coin’s value higher in the upcoming weeks.
According to Tony “The Bull,” the monthly chart for Litecoin is “insanely bullish.” This prediction is encouraging for Litecoin Bulls, especially after its lackluster performance in 2023 when prices consolidated before plummeting in the second half of the year. The analyst also shared another chart, suggesting that the crypto community is on the verge of witnessing something impressive. This optimism aligns with an earlier assessment of Litecoin’s “SuperTrend” indicator, which hints at significant price gains for Litecoin in the future sessions.
Despite the overall optimism, Litecoin is currently in a bearish formation, consolidating as shown in the monthly chart. Prices are still trending inside the bear bar of August 2023. Litecoin bulls have yet to reverse these losses and remain within a tight, flat-lining range. However, a new trend for Litecoin could be set depending on the breakout direction. An upswing above $115 might trigger demand that could push the coin towards May 2021 highs of around $400.
Meanwhile, Bitcoin, the world’s largest cryptocurrency, is trending lower. Despite the US Securities and Exchange Commission (SEC) approving 11 spot Bitcoin ETFs, Bitcoin prices have not managed to break above the $50,000 resistance level. The crypto community remains bullish, with Bitcoin supporters claiming that the approval of spot Bitcoin ETFs would inject billions into the coin and the sector at large. However, SEC chair Gary Gensler maintains that Bitcoin is a speculative asset, despite the agency’s approval.
In contrast to Bitcoin’s underwhelming performance, Litecoin has demonstrated resilience, holding firm amidst market volatility. This suggests that Litecoin may be set to outperform Bitcoin in the coming months. The LTCBTC chart shows Litecoin is up 21% versus Bitcoin, rallying from January lows.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Tony “the Bull”, Gary Gensler |
| Companies | NewsBTC, TradingView, Canva, US Securities and Exchange Commission |
| Currencies | Bitcoin, Litecoin |
| Securities | None |
