Litecoin Bull Run Begins-Top Reasons Why LTC Price May Outperform BTC & ETH
The post Litecoin Bull Run Begins-Top Reasons Why LTC Price May Outperform BTC & ETH appeared first on Coinpedia Fintech News
Litecoin is slowly becoming more popular among market participants ever since it displayed disparity with the other top cryptos. The price has been trying hard to break above the resistance that has been held for over a couple of years. Although multiple attempts have failed lately, the upcoming price action is expected to not only clear these levels but elevate the levels not seen since December 2021.
One of the major reasons behind the surge is the speculation around the spot LTC ETF, which received an acknowledgement from the SEC. With this, the LTC price chart appears to be one of the most bullish charts, as the token is outperforming the other tokens against the USDT and also displaying immense strength against Bitcoin. The LTC/BTC pair has just ignited a parabolic recovery phase, which is expected to gain momentum soon.
The LTC/BTC pair has been displaying immense strength as it trades within a rising parallel channel and the recent upswing has pushed the pair above average levels. Meanwhile, the MACD, which has flipped to bearish, has quickly turned bullish, being within the positive range. Besides, the OBV remains incremental, suggesting a constant inflow of liquidity within the token. Therefore, this suggests Litecoin is gaining strength against Bitcoin, which is a clear indication of the beginning of a strong bullish trend.
What’s Next for the Litecoin (LTC) Price Rally?
During the recent sell-off, the LTC price dropped to $106 but with strong backing by the bulls, the price rebounded and surged by over 15%. Besides, the volume has spiked above $2 billion with a significant rise of nearly 50% hinting towards a constant rise in the ascending trend. Therefore, the Litecoin price is expected to remain consolidated for a while, followed by a massive breakout beyond $150.
As seen in the above chart, the LTC price is stuck within an ascending triangle while the resistance zone is between $136 and $140, which has always pushed the levels lower. Meanwhile, the MACD has triggered a bullish crossover while the OBV also triggered a bullish reversal, hinting towards a rise in the bullish momentum. Therefore, the Litecoin price is expected to test the resistance in the next few days.
If the price fails to clear the zone, then it may remain consolidated within the pattern until it reaches the apex. Otherwise, a breakout may elevate the levels to the interim resistance at $144. With this, a rise beyond $150 may be imminent and if the bulls manage to surpass $154, the bulls are expected to take over the rally and push the price towards the ATH.
