A closely watched crypto analyst says the peer-to-peer payment network Litecoin (LTC) continues to look bullish despite the sideways price action over the past few weeks.
In a new video update, pseudonymous crypto trader DonAlt says Litecoin may be gearing up for its next leg against Bitcoin (LTC/BTC).
“[LTC] had a strong move up, a little sideways [trading]another strong move up, and frankly two red weeks that are very small compared to [the] go up. At a glance you can see that this is actually just going sideways.
Removing the left side looks like typical bull market behavior where you have massive upsides then you have shallow pullbacks before expanding [toward] head up again.”
At the time of writing, the LTC/BTC pair is changing hands for 0.004375 BTC ($74.06), up nearly 155% from its 2022 low of 0.001716 BTC ($29.05) .
The strategist goes on to say that Litecoin is relatively strong compared to other crypto assets. However, he says he expects the altcoin to trade sideways for at least another week or two before starting to rise again.
“Obviously when you have something that is really, really strong for five or six weeks, there is a time when it goes sideways. At best, of course, there are also times when things get crazy, when you actually double, and then you withdraw 30%.
But in this case, it’s a very, very superficial pullback from the Bitcoin pair, so I’m not really worried about that. I’m not too worried about the speed either. I would expect this to go sideways for another week or two before you get the next move, if you get the next move. So I’m honestly not really worried.”
Litecoin is changing hands for $74.12 at the time of writing, down more than 40% in the past 24 hours.
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