- Prices of Litecoin hit a 6 month high.
- It is suggested that Bitcoin’s new all-time high pushed other cryptos to rally.
Litecoin also known as silver to Bitcoin is up about 25% in a week & at its six-month high. The more concentrated gains were seen on November 9 where the token rallied by more than 17% in a day.
The 14th largest cryptocurrency in the world has achieved a market cap of more than $17 Billion, while the overall value of the cryptocurrency market, in general, reached almost $3 Trillion.
At the time of writing, Litecoin is trading at $251.59. The soaring prices come after the long-run dry spell when Litecoin hit an all-time low of $103 in the month of July.
Litecoin buoyed by market sentiments
The ongoing price rally of Litecoin came as a consequence when Bitcoin, the crypto king, scaled to its new all-time high of more than $68,000. It is also believed that Ether’s bull run to a new high of above $4,840 also helped the token to scale upwards.
According to analysts, most rallies are factorials of the everlasting transitory inflation where investors look forward to the top digital assets to outwit the inflation waves witnessed in the United States.
Although not all cryptocurrencies trailed well in the market, only a few cryptocurrencies have been preferred as an alternative and have fared better against the crypto king. Similarly the highly traded LTC; BTC graph surged more than 14% indicating a shift of capital from Bitcoin to Litecoin.
A Correction nearby?
According to the technical outlook suggested by various searched analysts, it seems that Litecoin would further its gains based on a pattern called falling wedges where it looks like a breakout signal for a token to rally towards its targeted profit bandwidth determined by the scales. The recent gains exceed the upper trend line of the falling wedge, thereby suggesting additional growth.
However, imitating the rising wedge, there could also be a bearish confirmation on the token as the price moves towards the lower trend line of the falling wedge suggesting a correction. Conversely, a breakout far beyond the price of $250 would set LTC to test for $300.
In the end, in volatile markets such as crypto markets, various catalysts could serve various & polarising influences on the token therefore it is best to research before investing in such opportunities.
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