An analyst closely following crypto said that peer-to-peer payments network Litecoin continues to be bullish despite the volatility in its price over the past few weeks.
DonAlt, a pseudonymous cryptocurrency trader, says that Litecoin could be gearing up to take on Bitcoin (LTC/BTC).
“[LTC] made a strong move to the upside, some sideways trading, another strong move towards the upside, and two red weeks that were very small in comparison to the move upward. This is basically moving sideways at first glance.
This looks like bull market behavior. You have large up moves and then you have small pullbacks (towards the upside) again.
Source: DonAlt/YouTube
The LTC/BTC pair trades for 0.004375 BTC ($74.06) at the time of writing. This is nearly 155% more than its low of 0.001716 BTC ($29.05) in 2022.
He also stated that Litecoin has relative strength compared with other crypto assets. He said that he expected the alt-coin to trade sideways for at most one week before it starts to rise again.
There will be times when something isn’t as strong for five to six weeks. There are times when it is at its most challenging, but then it can get a bit crazy. Then you pull back 30%.
However, in this instance, the pullback on the Bitcoin pair is very small so I don’t really care about it. I am not concerned about speed. This should continue for at least another week before you move on to the next one, if that happens.”
Litecoin trades at $74.12 as of the time of writing. This is down more than 40% over the past 24 hours.
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