Compared to Bitcoin, LTC has not performed well since the highs of 2017 and 2018. At the time of writing, LTCBTC is trading at 0.00527 BTC – quite a distance from the all-time highs.
However, analysts believe LTC is set to outperform Bitcoin. They cite technical trends that show LTC is making a breakout higher than Bitcoin for the first time in months, even years.
LTC is on track to outperform Bitcoin
A founder of exchange Level “NebraskanGooner” said that LTC is ready to rise 175% against Bitcoin.
He shared his analysis of the price action of LTC against BTC. Accordingly, LTCBTC has overcome an important downtrend in a year, with high trading volume (high buying volume) and formed a buy signal according to his exclusive indicator “Top Goon X.”
Trader says that these three signals working in parallel will confirm a rise from 45% to 175%, depending on the macro resistance level LTC struggles to breakthrough.
#Litecoin – BTC pairing
– Confirmed downtrend break.
– High volume.
– Top Goon X buy signal.Expect LTC to outperform in the near future.
45% and 175% upside potential. pic.twitter.com/KW7HIoul61
— NebraskanGooner📈 (@nebraskangooner) August 16, 2020
This opinion has been echoed by other analysts.
Trader “JJcycles” noted in a separate analysis that Litecoin “is ready to break out of the falling wedge for months” and ready to rise above the multi-year downtrend.
$LTC / $BTC is ready to breakout of a multi-month falling wedge$LTC / $USD is ready to break a multi-year down trendline
Litecoin is likely to dominate this market for the coming weeks, make sure you’re ready for it. pic.twitter.com/USHpOq4VuD
— 𝕁𝕁𝕔𝕪𝕔𝕝𝕖𝕤 🔄 (@JJcycles) August 16, 2020
However, Bitcoin is experiencing volatility that could lessen the news that altcoins like LTC are outperforming BTC. As Mohit Sorout, the founding partner of Bitazu Capital explained in a recent interview:
“Most (altcoin) cycles in crypto are centered around bitcoin volatility. When it dries up, no one wants to trade BTC which becomes evident from the volume as well. This leads to a large uptick in speculation on alts, driving their prices up – typically alts with strong narratives & large scale memetic behavior get the most volumes.”
According to a volatility analysis by Brave New Coin analyst Josh Olszewicz, Bitcoin will see volatility spike. If Bitcoin sees volatility, altcoins can be influenced by the market leader, as did when BTC surged in early August.
You can see the LTC price here.
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