Litecoin: Time For A New ATH?

14. Apr. 2021

To stay up-to-date with the latest market developments, be sure to subscribe to Kraken Intelligence at https://kraken.com/subscribe/intelligence

LTC Statistics:

• Market Capitalization: 17.8B
• CryptoAsset Rank: #9
  
• 24-Hour Return: +9.5%
  
• 7-Day Return: +11%
  
• From All-Time High: -29%
  

Technical Setup:

• While many of the largest cryptoassets by market cap recently hit a new all-time high, LTC has been a straggler this market cycle and has largely underperformed relative to its peers.
  
• Despite the underperformance, in the past couple of bull market cycles, it has taken LTC quite some time to reclaim market share. But when LTC wants to move, it really moves...
  
• At the time of writing, LTC appears to be forming a cup pattern formation and may be on its way to revisiting its prior all-time high of $375. This would mean that LTC rallies an additional +42% from current price.
  
• When looking at the LTCBTC chart, one will see that LTC has failed to keep pace with BTC's appreciation. Additionally, one will find that said valuation recently hit a 4-year low.
  
• However, LTC's climb higher over the past couple weeks has it now testing a downtrending line of resistance of what might be a falling wedge. Being a bullish chart pattern, one could expect LTC to move meaningfully higher in the forthcoming days/weeks should the bulls keep the party going.