By Shelly Melancon (Switzerland)
The generally bullish market is lifting coins to hit new price levels. Litecoin is not left out. Litecoin hit a new high for the first time in 6 months today. The coin shows a strong bullish move, although a retracement movement is possible on its daily chart; the chart shows a reversal wedge, a known bearish reversal pattern.
Litecoin moved higher by a respectable 20.9% today to hit $252 on Coinmarketcap as of writing. Litecoin is the 140th largest coin on the market with a market cap. of $17.5 billion. It has consistently performed within a narrow price range for months now but seems to be benefitting from the general market rally. Since the May meltdown, Litecoin has not made massive price movements but has shown a gradual recovery from its 6-month low to hit a new high price.
The Crypto Market Rallies
The crypto market is experiencing a general market rally that has seen major coins such as BTC, ETC, and BNB grow in value. Litecoin has now joined the ranks of coins that are hitting new levels. Analysts have attributed the current market rally to a general fear of inflation. Analysts believe that more traders and investors are buying cryptos as a hedge against the inflation that they know is coming.
Just yesterday, Bitcoin hit a new one-month high when it crossed the $65, 000 mark. Bitcoin, the biggest coin in the market with a cap of $1.17 trillion, is well on its way to hitting the predicted $100,000 and investors are jumping on the bullish trend to increase their financial value.
Also read:Bitcoin also influenced Ether to reach a new all-time high price of $4,840. Ether, second in the market with a cap of $568 billion, rallied to a new ATH in response to the market demand. Although Ethreum faces stiff competition from other blockchains to become the network of choice for deploying DeFi and NFT projects, it has managed to retain its bullish momentum for weeks now.
Can Altcoins Outperform Bitcoin?
In the last 24 hours, only Litecoin and Ether have outperformed Bitcoin in the market. Data obtained from Messari, one of the top crypto information platforms, shows that more traders preferred Litecoin to Bitcoin as nearly 14% of traders sold BTC to buy LTC on exchanges. The surge in LTC reference might not be unconnected to its increasing price, having hit 20% in one day.
Bitcoin has enjoyed the top spot in the market for over a decade now and massively surpasses every other coin in value. However, the Bitcoin network is severely limited in functional use and this is where newer blockchain networks can take advantage of Bitcoin to hit higher prices. The newer networks are attracting creators and consumers of modern blockchain technologies and solutions.
Litecoin Price Action
As seen on Tradingview, Litecoin has formed a bearish reversal pattern called a falling wedge. The coin is predicted to hit a slight retracement, despite its current bullish run. A possible breakout in the bearish direction may drive prices lower unless Litecoin retraces and recovers above the wedge.
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