A closely followed crypto analyst says peer-to-peer payment network Litecoin (LTC) continues to look bullish despite the flat price action of the past few weeks.
new video updatepseudonymous crypto trader DonAlt says Litecoin may be gearing up for its next phase against Bitcoin (LTC/BTC).
“[LTC] There was a strong sideways slightly upward movement [trading]another strong move upwards, and honestly two red weeks [the] Move up. At first glance, you can see that this is basically landscape orientation.
With the left side removed, this looks like typical bull market behavior. There is a large upward movement and a shallow pullback before expansion. [toward] rising again.
At the time of this writing, the LTC/BTC pair is trading at 0.004375 BTC ($74.06), up almost 155% from its 2022 low of 0.001716 BTC ($29.05).
The strategist went on to say that Litecoin has shown relative strength compared to other crypto assets. However, he expects altcoins to level off for at least another week or two before they start to rise again.
“Sure, when something really strong lasts five or six weeks, there are times when it plateaus.
But in this case, it’s a very shallow pullback of the bitcoin pair, so I’m not too worried about it. If there is a next move, I expect this to go on for another week or he two weeks before we get the next move. So, honestly, I’m not too worried. ”
Litecoin is trading at $74.12 at the time of writing, down more than 40% over the past 24 hours.
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