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Litecoin has been widely regarded by investors as an inferior version of Bitcoin with few discernible differences, little utility, and declining development activity.
It is still one of the first cryptocurrencies that have ample liquidity and listings on all major exchanges.
Therefore, when floods of new investors enter the ecosystem, they tend to throw money into these types of tokens, helping them skyrocket.
An analyst is now observing that it may be almost time for Litecoin to see immense upward momentum.
He believes it is showing signs of technical strength as the bulls move to push it above a key level.
He also notes that he is not posting any powerful reactions to any of the recent Bitcoin sales. As such, it could be positioned to see further momentum in the near term.
That said, betting on LTC is primarily a bet on new investors entering crypto markets and allocating money in tokens listed on major exchanges.
Litecoin seeks to push higher along with BTC
The aggregate cryptocurrency market has been targeted by an immense bullish trend over the past few days and weeks.
Bitcoin jumped from its recent low of less than $ 10,000, set just a few months ago, to highs of $ 16,500 set yesterday.
Where short-term market trends should largely hinge on whether or not Bitcoin can post a close of a time frame above its $ 16,000 resistance level.
At the time of writing, Litecoin is trading down just over 4% at its current price of $ 63.00. It fell from its daily highs of $ 67.00, but is still up significantly from recent lows of $ 57.00.
The analyst says the LTC could soon skyrocket
While sharing his thoughts on Litecoin’s near-term prospects, an analyst explained which could soon see some serious upside.
It points to its strength despite Bitcoin’s recent downturn as a reason it may soon push higher.
“I’m long LTC once again. Minimal reaction to BTC dump last night, kept its composure, didn’t even come below the trend line. To be honest, if I didn’t see the volume on CMC, I’d think that this coin is dead because of the way it moves, but maybe it’s time to come “.
Image Courtesy of Chase_NL. Source: LTCUSD on TradingView.
If Litecoin begins to gain momentum, it could see capital inflows from new investors helping to push its price significantly higher.
Featured image from Unsplash. Charts from TradingView.
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