A closely followed crypto analyst says that peer-to-peer payments network Litecoin (LTC) continues to look bullish despite its sideways price action over the last few weeks.
In a new video updateDonAlt, a pseudonymous crypto trader, says that Litecoin could be just getting ready for its next challenge against Bitcoin (LTC/BTC).
“[LTC] Had a strong move to upside, with a little sideways [trading]Another strong move in the upside direction, and frankly, two red week that are quite small in comparison. [the] You can move up. You can clearly see that it is basically going in the opposite direction.
This looks like typical bullish behavior. You have large up moves and then you have small pullbacks prior to expansion. [toward] the upside again.”
As of this writing, the LTC/BTC pairing is trading at 0.004375 BTC ($74.06), a nearly 155% increase from its 2022 low price of 0.001716 BTC (29.05).
According to the strategist, Litecoin is showing relative strength compared other crypto assets. He says that he expects the altcoin will trade sideways for at most one week before it starts to rise again.
“Obviously, when you have something that is really really strong for five or six weeks, there is a time where it goes sideways. At best, there’s obviously also times when it goes crazy up, when you double basically, and then you pull back 30%.
But in this case, it’s a very, very shallow pull back on the Bitcoin pair so I’m not really concerned about that. I’m not really concerned about the speed either. I’d expect this to go for another week or two sideways before you get the next move, if you get the next move. So I’m not really concerned, honestly.”
Litecoin currently trades for $74.12 at the time of writing. This represents a drop of over 40% in 24 hours.
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