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Litecoin Tries to Push Higher Alongside BTC

Despite Mediocre Market Activity, Litecoin may be Coiling up for a Major Rally.

Investors have widely looked at Litecoin as an inferior version of Bitcoin with little distinguishable distinctions, less utility and diminishing activities of development. It is also one of the early cryptocurrencies in all the big markets with enough supply and listings.

One analyst is now noting that it may almost be time for Litecoin to see some tremendous upward movement. Throughout the past few days and weeks, the aggregated crypto market has been stuck in the throes of an enormous uptrend. Bitcoin has rocketed to highs of $16,500 that were set yesterday from its recent sub-$10,000 lows set just a few months ago.
Where trading dynamics in the near-term are expected to rely mostly on whether or not Bitcoin will post a high time frame close to its $16,000 resistance stage. At the time of writing, Litecoin is trading down just over 4 percent at its current $63.00 mark. It is down from its daily peak of $67.00 but also up sharply from its recent lows of $57.00.

As reported, While sharing his thoughts on Litecoin’s near-term outlook, one analyst explained that it might soon see some serious upside. He points to its strength despite Bitcoin’s recent downturn as a reason why it may soon push higher. “I am once again long LTC. Minimal reaction to BTC’s dump last night, kept its composure, didn’t even wick below the trendline. To be honest, if I didn’t see the volume on CMC, I would think this coin is dead the way it moves, but maybe it’s time is coming.”

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