Top Crypto Analyst Says, LTC Is Behaving Like a Typical Bull Market
A famous cryptocurrency analyst says that the peer-to-peer payments network Litecoin (LTC) still looks bullish even though its price has been flat for the last few weeks.
In a new video update, anonymous crypto trader DonAlt says Litecoin may be getting ready for its next leg up against Bitcoin (LTC/BTC).
“[LTC] had a strong move to the upside, a little bit of sideways [trading], another strong move to the upside, and honestly two red weeks that are very tiny in comparison to [the] move up. At one glance, you can see that this is just basically going sideways.
If you remove the left side, this looks like typical bull market behaviour, where you have massive up moves, then you have shallow pullbacks before expansion [toward] the upside again.”
Source: DonAlt/YouTube
At the time of this writing, the price of LTC/BTC is 0.004375 BTC ($74.06), which is up nearly 155% from its low of 0.001716 BTC ($29.05) in 2022.
The strategist says that, compared to other crypto assets, Litecoin is doing pretty well. But he says that he thinks the altcoin will stay flat for at least another week or two before it starts to go up again.
“Obviously, when you have something that is strong for five or six weeks, there is a time where it goes sideways. At best, there are obviously also times when it goes crazy up, when you double basically, and then you pull back 30%.
But in this case, it’s a very, very shallow pullback on the Bitcoin pair, so I’m not concerned about that. I’m not concerned about the speed either. I’d expect this to go for another week or two sideways before you get the next move if you get the next move. So I’m not really concerned, honestly.”
At the time of this writing, Litecoin is being traded for $74.12, more than 40% less than it was 24 hours ago.
