Litecoin (LTC) Displaying Typical Bull Market Behavior, According to Top Crypto Analyst

A intently adopted crypto analyst says that peer-to-peer funds community Litecoin (LTC) continues to look bullish regardless of its sideways value motion over the previous few weeks.

In a brand new video update, pseudonymous crypto dealer DonAlt says that Litecoin may be gearing up for its subsequent leg up towards Bitcoin (LTC/BTC).

“[LTC] had a powerful transfer to the upside, a bit of little bit of sideways [trading], one other sturdy transfer to the upside, and actually two crimson weeks which might be very tiny compared to [the] transfer up. At one look, you may see that that is simply principally going sideways.

In case you take away the left aspect, this appears to be like like typical bull market habits, the place you’ve gotten huge up strikes, then you’ve gotten shallow pullbacks earlier than enlargement [toward] the upside once more.”

At time of writing, the LTC/BTC pair is altering fingers for 0.004375 BTC ($74.06), up almost 155% from its 2022 low of 0.001716 BTC ($29.05).

The strategist goes on to say that Litecoin is displaying relative energy in comparison with different crypto property. Nonetheless, he says he expects the altcoin to commerce sideways for not less than one other week or two earlier than it begins to rise once more.

“Clearly, when you’ve gotten one thing that’s actually actually sturdy for 5 or 6 weeks, there’s a time the place it goes sideways. At greatest, there’s clearly additionally occasions when it goes loopy up, whenever you double principally, and then you definitely pull again 30%.

However on this case, it’s a really, very shallow pull again on the Bitcoin pair so I’m probably not involved about that. I’m probably not involved in regards to the velocity both. I’d anticipate this to go for one more week or two sideways earlier than you get the subsequent transfer, for those who get the subsequent transfer. So I’m probably not involved, actually.”

Litecoin is altering fingers for $74.12 at time of writing, down over 40% within the final 24 hours.

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