Litecoin Signal Shines, Suggests Downtrend Against Bitcoin Is Over
Litecoin is trading at around $200… still. The altcoin has failed to set a new all-time high like Bitcoin, Ethereum, and others in the top ten have, yet it has clung onto the ranks for its entire lifetime.
A signal has appeared – across several of the highest timeframes – that could suggest that the long downtrend against Bitcoin is about to come to an explosive ending.
Litecoin Loses Luster During Bear Market, Can’t Catch A Spark
Few coins have had as difficult of a time recovering since the last bull market as Litecoin has. The only other coin in the top ten to struggle so severely is XRP, and the coin’s parent company Ripple is locked in a legal battle with the SEC.
Litecoin has no such issue to keep its prices down, yet the coin has yet to do much better than its 2019 peak, and is not even halfway recovered to its previous all-time high around $418 per LTC.
Related Reading | Now Or Never: Litecoin Plummets To Bottom Of Top Ten Crypto Assets
Meanwhile, Ethereum just smashed above $2,000 and Bitcoin is trading at around $60,000 per coin – more than three times its former high.
The rise in Bitcoin but subsequent stagnancy in Litecoin, has caused the altcoin to absolutely nosedive in terms of the LTCBTC trading pair. But with a handful of potential reversal signals forming on the ratio, things soon could turn around for an extended phase.
A TD 13 signal has triggered on the LTCBTC monthly | Source: LTCBTC on TradingView.com
LTCBTC Reversal: The Sign That Things Could Finally Turn Around For The Altcoin
After Litecoin peaked, it spend nine full months in a downtrend against Bitcoin until a TD 9 signal appeared. The altcoin then saw a short-term boost with its halving in 2019, but after it peaked then, its been all about Bitcoin in the crypto industry ever since.
Following a bear market bounce, the altcoin fell for another consecutive 25 months, ignoring another TD 9 and instead reaching a TD 13 countdown on monthly timeframes. Coinciding with a narrowing pattern on the Relative Strength Index, an explosive breakout is imminent.
The same powerful 13 countdown is evident on quarterly timeframes also | Source: LTCBTC on TradingView.com
The TD 13 has also appeared on even more powerful timeframes, such as the LTCBTC quarterly represented in the chart above.
Related Reading | Five Signs Litecoin Has Bottomed, Next In Line For New ATH
Zoomed in even further for the chart below, there’s even a TD 9 within the past week on daily timeframes.
A less powerful TD 9 on daily timeframes may have kicked off the turning point | Source: LTCBTC on TradingView.com
Both a TD 9 and TD 13 signal suggest a trend is reaching a point of exhaustion, and due to turn around. And it already has since the daily TD 9 triggered.
The LTCBTC pair is now higher, and there’s green forming in a sea of red finally. If the tides finally turn, and Bitcoin maintains relatively high prices, the cost per Litecoin could explode as it finally plays catch up with the likes of its digital gold counterpart, Ethereum, and the rest of the altcoin space.
Featured image from Deposit Photos, Charts from TradingView.com