Sometimes Litecoin has a bit of a ‘Cinderella’ feel to it. You are never quite sure if it will go to the ball and it does tend to get overlooked by some, although thankfully it also has numerous devotees.
This week has been a good one for Litecoin (LTC) so far. It has pushed above one of its key resistance points — $55 — and over the last couple of days it has seen a surge in trading volume. JP Buntinx at The Merkle pointed out yesterday that while there has been an 8% upwards trend in the USD and bitcoin across all platforms, today bitcoin is a bit less exuberant, yet Litecoin is holding its own. The usual story is that when bitcoin goes down, so does every other altcoin, but so far Litecoin appears to be bucking the trend.
There is no startling news around the Litecoin platform to have caused its buoyancy, but as Buntinx says, there has to be some technological indicators going on behind the scenes. He even says, “A very important level has been reached for LTC all of a sudden, which may very well usher in a major trend reversal for all top cryptocurrencies.”
But as he warns, lets keep a bigger picture in mind. Trends don’t form overnight; they evolve over weeks, months and even years. Sometimes, in the midst of a particular market state, whether bull or bear, it’s easy to lose perspective on how we got to where we are at any given moment.
As ever with the crypto market, we will need to see if Litecoin can sustain its current momentum. Buntinx thinks it is “plausible”, although he adds, “it will require some community effort to make sure it does.”
What might this mean for the rest of the market? Let’s regroup next week and see if there are any answers to be had by then.