Litecoin 10-Year Anniversary Arrives Alongside Altcoin’s Darkest Hour
On October 13, 2011, the Litecoin network first went live. Today marks ten years from the debut of digital silver, which has arrived at the same time as the asset has made a new all-time low against BTC.
Is it lights out for Litecoin from here, or will this ten-year anniversary be the start of a dramatic turnaround the asset is known for.
Litecoin Network Hits Milestone Ten Years On The Market
Ten-year anniversaries are always a special event worth celebrating. LTC holders might not feel that way, considering their coin has fallen out of the top ten cryptocurrencies by market cap, and has in general underperformed nearly every other altcoin technically.
The LTC ratio against BTC has been through the wringer, just this week revisiting all-time lows and sending sentiment to the darkest its ever been.
Related Reading | Why Litecoin Could Ultimately Benefit From Bitcoin’s Success
Although technical picture is undoubtedly looking bad for the LTCBTC trading pair, fundamentally, there are few altcoins stronger than Litecoin. And on its ten year anniversary, it also has more longevity behind it than 90% of the rest of the market today.
Lows have been swept against Bitcoin at interesting timing | Source: LTCBTC on TradingView.com
LTC Fundamentals Outshine Bitcoin, But When Will the BTC Ratio Follow?
The number of LTC transactions daily has been breaking records all year long. It is being heavily accumulated via shares of Grayscale’s LTCN. And now, on the asset’s ten year anniversary, revisiting all-time lows might have been necessary to prove to naysayers that it won’t go any lower. Ever.
The LTCBTC chart above shows a massive bullish divergence, just as cycle lows are swept and historical lows are reached.
Litecoin trading against the dollar below, is even more bullish, still holding strong above the resistance turned support level at the neckline of an enormous Adam and Eve double bottom pattern.
The target of the Adam and Eve structure is the top of the pitchfork | Source: LTCUSD on TradingView.com
A reversal in the LTCBTC pair and a rise in Bitcoin would fit the technical structure of a shocking upward move in Litecoin to the top of a pitchfork channel. Past upward moves took very little time to reach the top after passing through the median. Why would this time be different?
Related Reading | “Technically Flawless” Litecoin Could Lead To “Biblical” Bullish Move
Litecoin moves fast, because FOMO sets in the moment the market realizes it was wrong. Currently, because of the altcoin’s underperformance during this cycle, investors aren’t looking its way. But because today is the ten year anniversary, there could be more reason to see the light through all the darkness.
— Tony “The Bull” Spilotro (@tonyspilotroBTC) October 13, 2021
Featured image from iStockPhoto, Charts from TradingView.com