Litecoin Attempts To Revitalize The Crypto Market With Bullish Breakout
Litecoin could be single-handedly be saving the crypto market from further catastrophe. If an ongoing bullish breakout attempt is successful, it could revitalize cryptocurrency bulls across all assets.
Why LTCUSD Is Poised To Lift The Crypto Market
Back in early 2019, LTCUSD would often lead Bitcoin rallies. If Litecoin was pumping, you could be sure that BTC was about to follow. At no point was this more obvious than ahead of Litecoin’s halving, which was nearly a year ahead of its bigger brother’s. LTC outperformed BTC by a ratio of roughly two to one.
However, the coin has since fallen out of favor, and out of the top ten cryptocurrencies by market cap. It was labeled a huge failure during the 2020 and 2021 bull market, lacking a significant new all-time high. At the time, it offered little when compared to layers 2s which were buzzing with NFTs and DeFi built on their backs.
Fast forward to today, and Litecoin’s halving is just ahead, and this time the cryptocurrency has interesting fundamental support developing it didn’t have in the past. For one, LTC-20 allows smart contracts and NFTs on Litecoin. Additionally, it being a faster, cheaper alternative to BTC and ETH have prompted it to see a substantial increase in network transactions.
All that appears to be left for a massive move in the silver to Bitcoin as digital gold, is a technical breakout in confluence of the fundamental strength. And that could be merely moments away.
Its this a valid breakout of the downtrend line? | LTCUSD on TradingView.com
Will Litecoin Confirm A Bullish Breakout Ahead Of The Halving?
LTCUSD is up more than 5% intraday, as it brushes up against a long-term term downtrend line extending from the mid-2021 high. It is possible because Litecoin didn’t see such an extended move in 2020 and 2021, that is has once again found itself slightly ahead of Bitcoin and Ethereum as its halving approaches.
The LTCBTC and LTCETH charts also appear to support a change in the tides between these top crypto titans. Once Litecoin breaks out from a lengthy downtrend line, it doesn’t usually stop climbing for months at a time.
Past breakouts saw a 9,000% rally and a 600% rally – what might this trend line break bring for results? If the once-forgotten cryptocurrency starts climbing, it could pull the entire crypto market higher and reignite the bull run. Furthermore, it could restore LTC’s place in the top ten cryptocurrencies by market cap.
Take a good hard look
It is the last time you will ever see #Litecoin outside its rightful throne of the top ten cryptocurrencies by market ca pic.twitter.com/1QZYVidQDT
— Tony “The Bull” (@tonythebullBTC) June 1, 2023
Source: NewsBTC.com
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