Litecoin’s 10-year anniversary was celebrated a day ago which is when the network first went live but sadly, it arrived when the asset recorded its all-time low against Bitcoin as we can see more in our latest Litecoin news.
Litecoin’s 10-year anniversary could open the door for a dramatic turnaround for the coin but so far it looks like it’s lights out for the crypto project. These anniversaries are always a huge event that’s worth celebrating but the LTC holders don’t feel too happy considering the coin dropped out of the top 10 cryptos by market cap and underperformed almost all altcoins. The LTC ratio against BTC reached an all-time low and sent sentiment to the darkest time ever. The technical picture is also looking bad for the pair but it has more longevity behind it than 90% of the market coins today. The LTC fundamentals outshine BTC but will this be enough for the ratio to follow?
Remember, #Litecoin holders, it is always darkest before dawn. pic.twitter.com/6xpb8QgcRa
— Tony “The Bull” Spilotro (@tonyspilotroBTC) October 13, 2021
The number of LTC transactions daily broke all records over the past year and it is being heavily accumulated via the shares of Grayscale’s LTCN and now, on the asset’s ten year anniversary, revisiting the lows could have been necessary to prove the naysayers that LTC won’t go any lower. The LTCBTC chart shows a huge bullish divergence just as the cycle lows are swept and the lows are reached. LTC trading against the dollar is even more bullish and it is holding strong above the resistance turned support level at the Adam and Eve double bottom pattern.
The reversal in the LTCBTC pair and a rise in BTC will fit perfectly the technical structure of the shocking upward move in LTC to the top of the pitchfork channel but these moves in the past took little time to reach the top after passing through the median so why would this time be different? Litecoin moves fast because the FOMO sets in the movement and the market sees it was wrong. Right now, because of the altcoin’s underperformance during this cycle, the investors are not looking its way. However, because it was its 10-year anniversary, there could be reasons to see the light at the end of the tunnel.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]