Will Litecoin Initiate Another Bullish Breakout For Bitcoin?

Litecoin Difficulty Ribbon now in recovery. Should setup a bullish breakout of the bearish channel. I wouldn’t be surprised if LTC to leads a bullish breakout of BTC. pic.twitter.com/DRJ5AT65fk — Willy Woo (@woonomic) January 6, 2020

The last time this happened was at the beginning of 2019, a couple of months before that monumental rally. Woo also noted that this has been the largest miner capitulation that Litecoin has ever seen, as hash rates remain at a yearly low of around 150 TH/s. $50 Barrier Needs to be Broken Of course there is always a flip side to every price prediction and the same applies to LTC at the moment. A recent Seeking Alpha article has taken a deeper look into the technical analysis, noting that Litecoin is still in a down trend following its 70% slump from last year’s peak. The TA is a few days old and doesn’t take today’s rally into consideration but essentially Litecoin needs to break the psychological $50 barrier before it can be considered anywhere near to recovering. The Litecoin Foundation launched a crowd funding campaign last month to raise $72,000 for network improvements. The move has not gone down well with the community which maintains that LTC founder Charlie Lee should pay for the development himself out of the $200 million he made by selling his entire stash at the peak. At the moment Litecoin is just moving in the shadows of its big brother and until that changes it is likely to remain bearish. Will Litecoin fly in the first half of 2020? Add your comments below.

Images via Shutterstock, Twitter @woonomic The post appeared first on Bitcoinist.com.

source: https://bitcoinist.com/will-litecoin-initiate-another-bullish-breakout-for-bitcoin/

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