Trading veteran Peter Brandt is a long-term Bitcoin (BTC) bull, but he’s expecting Litecoin (LTC) to outperform the leading crypto soon.
The trader tells his 580,000 Twitter followers that Litecoin is poised for a massive run after breaking through resistance from its September peak of $239.12.
“Litecoin has broken above September high on expanding volume and WBBs so expect retest of 2021 high at $395 or so.”
Brandt did not define the term “WBBs.” He could be referring to wide-bodied bars, as in the body of the candles getting wider, or the weekly Bollinger bands, a common trading indicator currently showing expansion for LTC. Regardless, both indicators point to a bullish outlook for the crypto asset.
From a low of $193 this week, LTC has shot up 47% and is currently trading at $283.94.
Aside from Litecoin’s short-term price action, Brandt is keeping an eye on Bitcoin for the long term as a safe haven against inflation.
“There is one thing in the markets I am absolutely sure of – the declining value of the US dollar.
$1 when I was born is worth 8 cents today.
$1 today will likely be worthless when my grandkids are my age.
The trader tells skeptics that he has plenty of experience shorting various cryptocurrencies, but has remained long on Bitcoin since April of 2019.
“Note to my trolls (assuming you can read).
Let me type this really slow so that you might understand – I have only shorted cryptos once in my life (Nov 14, 2018).
I have been continually long BTC since early Apr 2019. I want Bitcoin price to go UP (spelled U P).”
Litecoin and an Ethereum Rival Outperformed Bitcoin-Based Investment Products in November, According to Crypto Data Firm
Bitcoin (BTC)-based investment products are facing strong competition from altcoin-based products, according to cryptocurrency data company CryptoCompare.
The crypto data firm says in a new report that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.
“BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”
CryptoCompare says Bitcoin-based investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.
“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products.
21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”
The report also highlights that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.
“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”
The decline drives Bitcoin’s market share as a percentage of the total crypto assets under management fall month-on-month from 73.7% to 70.6% in November.
Litecoin(LTC) Price Trending In The Buy-Zone! Is It Good Time To Accumulate?
Litecoin, the lite version of Bitcoin, and the first altcoin which is still in trade are slowly ranging high with making noise. After a gigantic drop during the May crash, the LTC price seemed to be too calculative in order to pull the next leg up. And hence the asset is following a specific pattern and with this structure, Litecoin price may regain its lost positions pretty much close to its ATH at $417.
The asset despite being one of the most primitive crypto assets remained silent for a pretty long time. And ever since the altcoins rally was ignited in the first half of 2021 that led the price to form a new ATH. Further, the asset slumped multiple times, but yet sustained above the strong support level.
The LTC price as mentioned in the above chart is pretty clear about the upcoming jump. The asset spike in between a minor consolidation each time. While the surge percentage is pretty huge, the consolidation fuels up the asset to move with high with notable margin. The LTC price after a gigantic surge accumulates for a little prolonged period and sets up a massive leg. Further to nullify the exhaustion, the asset also experiences a minor correction.
Currently, the asset is consolidating after surging towards the monthly highs. And hence according to the pattern, a notable drop close to the immediate support levels around $150 appears to be on track. However, the LTC price is pre-programmed to flip the downtrend and march towards its ATH just above $300. And hence Litecoin especially known for its calculated move could smash considerable highs and also minimize corrections remarkably.
Litecoin price analysis: LTC hovers above $200. Is LTC consolidating?
- Litecoin price analysis is bearish today.
- Support for LTC is present at $216.
- Resistance is found at $226.8.
Litecoin is again covering the downwards range as a decrease in price is observed today. The selling pressure has triggered again, and the bears have taken over the price function. The selling activity has affected the price, and more devaluation might be ahead.
The LTC/USD is overall sustaining its value above the $200 psychological mark after going through severe damage from 15th to 18th November when the coin was rejected from $280 and plunged down at $204. However, LTC managed to stop further slippage and seems like it is in a consolidation phase before it can rally again in the next week
LTC/USD 1-day price chart: Bears ruling the charts
The 1-day Litecoin price analysis shows the price has decreased from yesterday’s price cap of 223. Today the LTC has traded in a range of $225 to $217 so far, and at the time of writing, the LTC/USD is trading hands at $219.72 exactly, but it is expected that the price will go further down, as the selling pressure is already there and after 18th November LTC is following a zigzag price pattern which looks like a consolidation pattern. LTC has lost 0.13 percent value over the last 24 hours, but it has also gained 7.82 percent value over the past week. On the other hand, trading volume has increased by 10.06 percent, and the market dominance is 0.57 percent.
The volatility is also high, but the Bollinger bands show some degree of convergence, with the lower band covering more range upwards, while the upper band moves almost unchanged, hinting at the price to maintain its level on the broader spectrum and a rally upside may be observed in the coming days. The lower end of the indicator also suggests a support zone for LTC around $188 level, but on the flip side, the mean average of the indicator suggests a resistance level around $233 level for LTC.
The moving average (MA) is still below the price level at $216, but the price may step below the MA. And the relative strength index (RSI) has traveled down from the upper half to the lower half of the neutral zone; as the price stepped down to $219, the RSI has lowered to index 48.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows the coin is on a downwards trend from the last 12 hours, but the major loss was observed during the last four hours. However, now the LTC seems on its way to retest the support present at $216.
The volatility on the 4-hour chart is mild, with the price trading below the upper Bollinger band. The upper band and the mean average of the indicator represent resistance and support for LTC/USD at $226 and $214, respectively. The moving average is above the price level at the $220 level now, and the selling activity seems to be slowing down now as the price oscillation is low, which hints at the entry of bullish support soon.
Litecoin price analysis conclusion
The Litecoin price analysis concludes the coin is depreciating today in its consolidation phase. The bullish support may step in soon as the downwards price oscillation has slowed down. But for LTC to rally high, it must break out above the $231 resistance level. On the flip side, if the downtrend extends and LTC break below $203, this may cancel out the bullish scenario.