Litecoin’s bullish breakout aims to revive the cryptocurrency market.
Litecoin is potentially saving the cryptocurrency market from further disaster. If an ongoing attempt to break out of its current bullish trend is successful, it could reinvigorate cryptocurrency bulls across all assets.
Why LTCUSD is Poised to Lift the Crypto Market
In early 2019, LTCUSD often led Bitcoin rallies. If Litecoin was surging, you could be sure that BTC was about to follow. This was especially evident before Litecoin’s halving, which occurred almost a year before Bitcoin’s halving. LTC outperformed BTC by a ratio of approximately two to one.
However, the coin has since lost popularity and fallen out of the top ten cryptocurrencies by market cap. During the 2020 and 2021 bull market, it was labeled a significant failure since it failed to reach a new all-time high. At the time, it offered little when compared to layer twos, which were buzzing with NFTs and DeFi built on them.
Fast forward to today, and Litecoin’s halving is just ahead, and this time the cryptocurrency has interesting fundamental support developing that it didn’t have in the past. For one, LTC-20 allows smart contracts and NFTs on Litecoin. Additionally, being a faster, cheaper alternative to BTC and ETH, it has seen a significant increase in network transactions.
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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 fundamental strength. And that could be just moments away.
Is 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 downtrend line extending from the mid-2021 high. It’s possible that because Litecoin didn’t see such an extended move in 2020 and 2021, it 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