This technical analysis was conducted to help you understand how Litecoin is headed for extreme highs.
After an indecisive period of consolidation that followed a 2018/2019 bear market, LTC soared for months right up to a few dollars shy of it's previous all-time-high (ATH) back in 2017. We can see LTC pumped 800%, meanwhile BTC 362%. The only reason why the ATH wasn't broken, was based on Elon's influential tweets we're all aware of, that essentially crashed the entire crypto market by 50% price wise. Lets talk numerical impact;
- As you can see on my chart LTC dropped 75%, the highest dump of all top 10 recognized cryptocurrencies worldwide. Dissimilarly, yet in the same timeframe, BTC dropped 51%.
- After that independently influenced micro bull market, to this day LTC has pumped 157% as opposed to BTC at 126%.
From these percentages, it is obvious that when LTC is bullish it pumps to extreme heights. However when it's bearish it takes a big hit. BTC has more stable shifts in momentum, but it's worth noting that LTC was so close to an ATH well before BTC got even remotely close. Now that BTC has reached a fresh ATH ($69,000), there's absolutely no reason why LTC can't do the same ($420+).
The reason why I'm confident that LTC will grow beyond the ATH region though, is based on the fact that the resistance line has been tested TWICE now, which weakens this trend line and strengthens the support line simultaneously. Keep in mind the supply limit of LTC is 4 times that of BTC, and the price difference of LTC is NOWHERE NEAR a quarter of BTC (yet). It's still regarded as cheap, even though it's the second most accessible cryptocurrency via physical ATMs.
After an indecisive period of consolidation that followed a 2018/2019 bear market, LTC soared for months right up to a few dollars shy of it's previous all-time-high (ATH) back in 2017. We can see LTC pumped 800%, meanwhile BTC 362%. The only reason why the ATH wasn't broken, was based on Elon's influential tweets we're all aware of, that essentially crashed the entire crypto market by 50% price wise. Lets talk numerical impact;
- As you can see on my chart LTC dropped 75%, the highest dump of all top 10 recognized cryptocurrencies worldwide. Dissimilarly, yet in the same timeframe, BTC dropped 51%.
- After that independently influenced micro bull market, to this day LTC has pumped 157% as opposed to BTC at 126%.
From these percentages, it is obvious that when LTC is bullish it pumps to extreme heights. However when it's bearish it takes a big hit. BTC has more stable shifts in momentum, but it's worth noting that LTC was so close to an ATH well before BTC got even remotely close. Now that BTC has reached a fresh ATH ($69,000), there's absolutely no reason why LTC can't do the same ($420+).
The reason why I'm confident that LTC will grow beyond the ATH region though, is based on the fact that the resistance line has been tested TWICE now, which weakens this trend line and strengthens the support line simultaneously. Keep in mind the supply limit of LTC is 4 times that of BTC, and the price difference of LTC is NOWHERE NEAR a quarter of BTC (yet). It's still regarded as cheap, even though it's the second most accessible cryptocurrency via physical ATMs.