Litecoin could single-handedly save the cryptocurrency market from further disasters. If the ongoing bullish breakout attempt is successful, it could energize the cryptocurrency bulls across all assets.
Why LTCUSD is preparing to lift the crypto market
Back in early 2019, LTCUSD often leads Bitcoin’s rally. If Litecoin is pumping, you can be sure that BTC is about to follow. At no time has this been more evident than before the Litecoin halving, which was almost a year ahead of its big brother. LTC has outperformed Bitcoin by nearly two to one.
However, the coin has since declined, dropping out of the top ten cryptocurrencies by market cap. It was described as a major flop during the 2020 and 2021 bull market, as it fell short of a new all-time high. At the time, it offered little compared to the layer 2s that were flooded with NFTs and DeFi built on their backs.
Fast forward to today, the Litecoin halving is ahead, and this time the cryptocurrency has interesting fundamental support that hasn’t been developed in the past. First, the LTC-20 allows smart contracts and NFTs on Litecoin. Additionally, being a faster and cheaper alternative to BTC and ETH has led it to see a significant increase in network transactions.
All that seems left for a major move in silver to bitcoin as digital gold, is a technical breakthrough at the confluence of fundamental strength. And that could be just moments away.
Its this a valid breakout of the downtrend line? | LTCUSD on TradingView.com
Will Litecoin Confirm the Bullish Breakout Before the Halving?
LTCUSD is up more than 5% on the day, as it heads higher against the long-term downtrend line extending from the mid-2021 high. This is possible because Litecoin did not see such an extended move in 2020 and 2021, which once again found itself slightly ahead. On Bitcoin and Ethereum as Halving Approaches.
The LTCBTC and LTCETH charts also seem to support a change in tides between the major crypto giants. Once Litecoin breaks out of a long downtrend line, it usually does not stop climbing for months at a time.
Previous breakouts saw a 9,000% rally and a 600% rally – what would a break of this trendline bring to fruition? If the forgotten cryptocurrency starts to rally, it could pull the entire crypto market higher and reignite the bull run. Moreover, LTC could regain LTC’s place in the top ten cryptocurrencies by market capitalization.
Take a good close look 👀
It’s the last time you’ll ever see her # Litecoin Off its rightful throne among the top ten cryptocurrencies by market is California pic.twitter.com/1QZYVidQDT
– Tony “The Bull” (tonythebullBTC) June 1, 2023