Litecoin (LTC) broke down from an ascending wedge on Aug 19, effectively confirming that the upward movement was corrective and that new lows will follow.
There have been various new developments in regard to the MimbleWimble Extensions Blocks (MWEB) since the launch earlier this year.
This month, the first draft of LIP-0006, which details the changes and additions to the p2p protocols, became ready for review. What is now missing is allowing clients to sync MWEB data by downloading the compact UTXOs and their merkle proofs. This final update is expected to occur sometime in Sept.
LTC breaks down
Despite these seemingly positive developments, the price action and technical indicator readings are both bearish.
On Aug 19, LTC broke down from an ascending wedge that had previously been in place since the June 14 lows. Since the wedge is considered a bearish pattern, the breakdown was expected.
Moreover, the daily RSI broke down from its ascending support line close to the same time when LTC broke down from its wedge. Afterward, both the RSI and the price validated their previous support lines as resistance (red icons).
The closest support area is at $47.50. A potential breakdown below it would take Litecoin towards new lows.
Wave count analysis
The most likely wave count suggests that LTC has completed an A-B-C corrective structure (yellow), in which waves A:C had an exactly 1:1 ratio.
Afterward, it began a bearish five-wave movement (black) and is currently in the third wave.
If the count is correct, Litecoin would fall to at least $33.40, reaching the 1.27 external Fib retracement of the previous increase.
Litecoin price had been staggering too, just like other major altcoins in the market. Over the last 24 hours, however, LTC moved up on its chart by 2.4%. The bulls have yet to steady themselves on the one-day chart. Over the last week, LTC gained almost 3%. This indicated that the coin has not made any such considerable movement on its chart. The bears were in charge of the altcoin, as indicated by the technical indicators. There is a significant immediate resistance for the Litecoin price to overcome. The buyers were low in the market, and that has tired the bulls out consistently. At the moment, the coin has found support near the $51 price mark. Because selling strength was greater than buyer strength in the market, the Litecoin price may not stay above that level for long. On the other hand, if buying strength stabilises slightly, then there is a chance for LTC to move above $56. Broader market strength will be crucial for Litecoin over the next trading sessions. Litecoin Price Analysis: One Day Chart LTC was trading at $53 at the time of writing. Litecoin price will witness tough resistance at the $56 price mark. The bulls have moved closer to that price mark each time, but it has met with selling strength. Moving above the $56 price mark could help Litecoin price invalidate the bearish thesis. The coin could experience a price ceiling at the $61 price mark. On the other hand, the support line rested at $51 and then at $43, respectively. The amount of Litecoin traded in the last session declined, which indicated that buying strength remained low on the 24-hour chart. Technical Analysis LTC’s indicators continued to display that the coin was in a downtrend. The sellers remained in control of the charts, which could potentially bring the coin down to $51. If buying strength doesn’t recover soon, LTC could move to $51 before it recovers on the chart again. The Relative Strength Index was below the half-line, which meant that sellers were more compared to buyers. Litecoin price was below the half-line, which meant less demand for the coin. It also meant that sellers were driving the price momentum in the market. Related Reading: Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022 The altcoin continued to paint a bearish picture, with sellers taking over on the one-day chart. The Moving Average Convergence Divergence indicates the price momentum and action. MACD displayed red histograms, which were a sell signal for the coin. The Chaikin Money Flow measures the capital inflows and outflows in the market. CMF was below the half-line, which meant that capital inflows were lower than outflows on the one-day chart. Related Reading: Bitcoin Price Rejected $20,000, Have The Bulls Lost Steam Again? Featured image from Freepik, Charts from TradingView.com
A rising parallel channel pattern governs the ongoing recovery in LTC/USDT pair. The recent bull cycle within this pattern was initiated when the coin price rebounded from the shared support of $52.7 and ascending trendline. However, the Litecoin price is struggling to surpass the $64.7 resistance . Click here to know how this chart pattern
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Amid the recent recovery sentiment in the crypto market, the LTC/USDT pair bounced back from the $40.68 low. Furthermore, the bull run shows a set of new higher and higher lows within a rising wedge pattern. Though this pattern puts altcoin under reversal threat, a breakout possibility may turn the tables around. Key points: With
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The Litecoin Foundation and Antpool have jointly formed ‘LTC Labs’ for research and information on matters of crypto and blockchain. Antpool will direct half of its LTC mining proceeds to the organization while the Foundation seeks a DAO to manage it. The Litecoin (LTC) Foundation is now presenting ‘LTC Labs,’ a digital research laboratory formed […]
Der Beitrag Litecoin Foundation launches LTC Labs in partnership with Antpool crypto mining firm erschien zuerst auf Crypto News Flash.
It’s great that the founder decided to give us one more chapter of Litecoin‘s story. Let’s tie up loose ends and wrap this whole series with a bow on top. As it turns out, Charlie Lee returned to his job at Coinbase. Was the company more supportive this time around? Plus, as we warned you last time, at one point Lee sold all of his LTC. What were his reasons to do that? Did he have a plan? And, more importantly, did the plan work? Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal Learn all of that and more in the concluding chapter of this legendary saga. Charlie Lee Vs. Coinbase, Round Two After successfully activating SegWit on Litecoin, Lee returned to his job at Coinbase. Ever the pioneer, this time around he worked from home. The year was 2016. Once again, “given how successful the Ethereum launch was,” Charlie Lee tried to get Litecoin listed on Coinbase. “Brian reluctantly agreed to launch on GDAX only.” The predecessor to Coinbase Pro, GDAX stands for Global Digital Asset Exchange. The launch didn’t go as Lee hoped. Because there was no launch. “For reasons unknown to me, Brian & Fred refused to do a full launch on GDAX & Coinbase like we did with ETH.” Even though Charlie Lee helped design ETH’s launch, which was a moneymaker for the company. To make things worse, “Fred had refused to let Coinbase hold any LTC and due to conflict of interest.” Which, if you think about it, might be the reason Charlie Lee is looking for. Besides, a conflict of interest serves as a link to today’s main story. Since the exchange had no Litecoin liquidity, Charlie “had to personally lend Coinbase my own LTC.” As the following chart shows, Litecoin was the #4 coin at the time. It “almost matched Etheruem’s and LTC wasn’t even on Coinbase.” Was this a personal attack or does the conflict of interest narrative rings true to you? It would have been easy to launch on both GDAX and Coinbase. Actually, it would have been easier since we already have a successful launch plan to follow. Coinbase basically had to go out of the way to cripple the Litecoin launch and not even hold any LTC to pay for miner fees. — Charlie Lee (@SatoshiLite) October 12, 2021 So, Charlie resigned. The company asked him to stay a while to ease the transition. A few months later, with nothing to lose, Lee shot his last shot to try to get Litecoin listed on Coinbase’s main site. Surprisingly, Brian Armstrong agreed. This was definitely not a staged tweet and reply. I actually didn't expect Brian to reply at all, but I was extremely glad to see him agree with me. So right away, I gathered the team together at Coinbase to launch Litecoin. I didn't even talk to Brian after his Twitter reply. — Charlie Lee (@SatoshiLite) October 12, 2021 Litecoin officially launched on Coinbase in May. On June 9th, Lee left the company for good. Today's my last day at @coinbase! I will miss working with you all. I'm going to shift my focus to Litecoin now. To the moon! 😁 pic.twitter.com/Ys9dZwtTFO — Charlie Lee (@SatoshiLite) June 10, 2017 The move was extremely successful. Lee estimates that Litecoin made Coinbase over $100M through that first year. “Brain even emailed to apologize for what I had to go through. He agreed that adding Litecoin was super lucrative for Coinbase.” Even though that happened, in his Twitter thread Charlie went for the jugular. “I guess you can blame me for turning Coinbase into a sh*tcoin casino that it is today.” Savage! LTC price chart for 10/15/2021 on Exmo | Source: LTC/USD on TradingView.com The Founder Sells All Of His Litecoin The story you were waiting for. At the end of 2017, Charlie Lee sold all of his Litecoin. At the market top. In the thread, he doesn’t mention a conflict of interest, but that was the reason he wielded at the time. Nowadays, Lee says that because of the fair launch, he didn’t have that much LTC. He had to mine and buy his share, like everybody else. He also says that “Pretty much every other altcoin had a huge premine. Even Ethereum had like 70% coins premined.” According to the founder, these were his objectives: Remove the fear of a Satoshi stash Make Litecoin more decentralized Align my motivation/incentive to Litecoin adoption versus LTC price rise At the time, the move was controversial, to say the least. People assumed the captain was abandoning the ship. At the market top. However, Charlie Lee has spent four years leading the project, focused on Litecoin adoption and “not on the price of LTC.” Since then, they launched LTCpay, “a self-hosted merchant processing service,” and credit card backed by Litecoin. And they hosted a “Global Litecoin Summit” in September 2018. Plus, they sponsored a UFC night and became “the Official Cryptocurrency of the Miami Dolphins.” for a while in 2019. By the end of 2020, PayPal announced Litecoin support. “PayPal did not reach out to me beforehand. Actual there’s no reason they needed to! Litecoin is a decentralized cryptocurrency after all. It was honestly very satisfying to see this happen.“ Related Reading | Charlie Lee Sums Up Litecoin ‘s 10 Years History. Part Three: SegWit Intro Charlie Lee’s new project for Litecoin is fungibility. Read all about it in this thread. This new feature is almost done,”The code is being audited right now, and we are very close to releasing it. After release, it will take some time for it to be activated.” Lee expects this to happen in early 2022. The author finished his epic thread with these two heartfelt tweets. The blockchain for all intents and purposes is alive. I cannot shut it down and I know Litecoin will outlive me. These 10 years have been a wild ride. Here's to 10 more. 🥂 It's amazing what Satoshi Nakamoto has created. I am privileged to have played a tiny part in all of this. pic.twitter.com/1Zks4QzZbU — Charlie Lee (@SatoshiLite) October 12, 2021 Congratulations on your 10th anniversary, Litecoin! Featured Image: Litecoin 10 years from this tweet | Charts by TradingView
Today is the day, Litecoin’s 10th anniversary. Congratulations to Charlie Lee and everyone involved in the project over the years. To celebrate, we are exploring Litecoin’s history through the eyes of its creator. We covered its fair launch, the long-hard road to exchanges adopting LTC, and we introduced the SegWit story. It’s time to finish it. The last time, we introduced Bitmain’s co-founder Jihan Wu. Reportedly, he was singlehandedly stopping SegWit adoption in the Bitcoin blockchain. Lee’s plan was to use Litecoin as a Testnet of sorts for SegWit. “I realized that here’s a chance for Litecoin to do something to help Bitcoin. If we can get SegWit on Litecoin, it can clear out all the FUD and prove that SegWit is safe and a good upgrade for Bitcoin.” To accomplish that, he had to convince miners to side with him and not with the manufacturer of the most efficient ASICs. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course According to Coindesk, there was another important incentive for Litecoin to adopt SegWit: “Since SegWit could potentially pave the way for technologies that expand the value proposition of cryptocurrencies, the move toward accepting the upgrade has reignited excitement around the normally less-popular cryptocurrency. Litecoin’s price has nearly tripled since the end of March as a result.” And this is where today’s story starts. LTC price chart for 10/13/2021 on FX | Source: LTC/USD on TradingView.com Charlie Lee Talks To Litecoin‘s Miners During the end of 2016 and the beginning of 2017, Lee talked to everyone. One of his first victories was to get “Innosilicon, another LTC ASIC maker” to his side. In this part of the story, we can see how hard Jihan Wu was playing. A “huge LTC Miner” was ready to signal for SegWit in principle, but, since his machines were in a farm controlled by Jihan Wu, he was afraid that he might lose access to cheap electricity. Innosilicon was immediately on board with SegWit. They agreed with me that it's the best path forward. And they were able to convince some of their customers to support SegWit. One of their customers was a huge LTC miner. He owned about 5% of the hashrate. Having him was huge. — Charlie Lee (@SatoshiLite) October 8, 2021 The objective was to get “75% of blocks signal for SegWit within a 2-week timeframe.” Easier said than done. LitecoinPool was the first great pool to side with SegWit. Another big mining pool, F2pool, also promised to do it, but they didn’t right away. This turned out to be great for the cause because they provided a clear signal that the market supported the SegWit transition. Lee narrates, “over the next month, F2pool actually flipped flopped. They would signal and then stop signaling. The market reacted accordingly. When F2pool started signaling, the price will go up, and vice versa.” To complicate things, “Jihan wanted me to personally visit him and the miners in China to convince them about SegWit.” Lee didn’t like the power-play, but that was nothing. As more and more miners signaled for SegWit, Jihan turned to the ace up his sleeve. There was a rumor that “Bitmain was building a ton of LTC miners and was going to turn them all on themselves to block the upgrade.” Over the next week, more and more miners started signaling for SegWit and it started to look inevitable. And then this happened. Bitmain was building a ton of LTC miners and was going to turn them all on themselves to block the upgrade. 😡https://t.co/Zvs9srExJJ — Charlie Lee (@SatoshiLite) October 8, 2021 It was time for Charlie Lee to call in the big guns. The User Activated Soft Fork Since both the miners and the market were clearly signaling in support of SegWit, Charlie Lee felt he had the right “to pull the UASF trump card out.” One of the wonders of decentralized organizations is that the users can also activate a soft fork. “If the majority of users and exchanges run the UASF code, SegWit will activate.” If that happened, miners had to comply and adopt SegWit as well. UASF stands for User Activated Soft Fork. What it means is that instead of having the soft fork (SegWit) being miner activated, the user decides to activate the soft fork in a future date. If the majority of users and exchanges run the UASF code, SegWit will activate. — Charlie Lee (@SatoshiLite) October 8, 2021 The threat of a UASF was too much to bear, so the miners agreed to meet with Charlie Lee online and work things out. Yes we will do roundtable online with @SatoshiLite ASAP, not need to wait for June. https://t.co/rVWQjLu5kJ — Jiang Zhuoer BTC.TOP (@JiangZhuoer) April 20, 2017 And the rest is history, “On April 21, I met with Jihan, Innosilicon, and miners for over 8 hours IIRC. It was exhausting.“ They reached an agreement, this is the blog post announcing it. Among other things, it says: “We agree that protocol upgrade should be made under community consensus, and should not be unilateral action of developers nor miners. We advocate that Litecoin protocol upgrade decision should be made based on the needs of the users, through the roundtable meeting voting process, and activated by miner voting.” Charlie Lee reflects, “Although this seems so bad for a decentralized cryptocurrency to have a closed door meeting to make decisions that affect the future of Litecoin, I felt like it was a compromise I’m willing to take. It’s better than an all out war between the miners and I.” On May 10th, 2017, SegWit was activated on Litecoin. SegWit has activated on Litecoin! 💥😁 pic.twitter.com/lpeklpQpZe — Charlie Lee (@SatoshiLite) May 10, 2017 After that, a few historic transactions took place On THE SAME DAY, a notorious Bitcoin developer completed the first Lightning Network transaction. A few days later, Lee posted an anonymous “$1m bounty on a SegWit address:” The text says: “A lot of people have been saying that segwit is unsafe because segwit coins are “anyone-can-spend” and can be stolen. So lets put this to the test. I put up $1MM of LTC into a segwit address. You can see it’s a segwit address because I sent and spent 1 LTC first to reveal the redeemscript.” A few months later, Bitcoin activated SegWit through a UASF. “It’s hard to know exactly how much Litecoin helped with this. I feel like it definitely has helped.” Days later, Charlie Lee and Strike’s Jack Mallers starred in the first Lightning Network request/ payment transaction on Litecoin. That man Jack Mallers has a way to get involved in historic transactions, like this one, and this one. That same month, Lee did his first Atomic Swap transaction. “This shows how one can move coins between different chains in a decentralized way. It was a great proof of concept and paved the way for decentralized exchanges.” And later, he did another Atomic Swap but this time with Bitcoin. And the next month, Lee did “the first ever cross-chain swap between BTC and LTC via Lightning.” This time it was with the now world-famous Lightning Labs. Related Reading | Binance Burns Record $600 Million BNB In Its 15th Quarter Wasn’t that an amazing, amazing story? We learned so much. And, even though we said this was the last chapter in the Litecoin 10-year history, Charlie Lee has another anecdote to tell. Join us tomorrow for another legendary moment in crypto land. The infamous story of when Charlie Lee sold all of his Litecoin. Featured Image: Charlie Lee’s picture from this tweet | Charts by TradingView
The last time we checked with Litecoin, its creator Charlie Lee left Coinbase to focus on his own project. The mission at hand was implementing SegWit in the Litecoin blockchain, which is easier said than done. This story is as exciting as they come. It has twists and turns and it ends with a bang. Through the following tale, we’ll learn a lot about consensus. One of the most mysterious aspects of the cryptocurrency space is how decisions are made. Are you ready to learn through a practical example? Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part One: Fair Launch But before we get into it, let’s let Mr. Lee himself define SegWit: “SegWit stands for Segregated Witness. It’s basically an upgrade that would separate out the signature (i.e. witness) from the transaction.” By extracting the signature, transactions occupy less space. So, each block can hold more transactions. SegWit effectively increases the block size limit of the blockchain. That being said, let’s get back to Litecoin ’s 10-year history. Why Did Charlie Lee Wanted Litecoin To Implement SegWit? At the time, in the Bitcoin network, miners were blocking SegWit. “Basically the fear was that once SegWit is activated, miners can steal any coins sent to SegWit addresses. Anyone technical enough knows that this was not true.” So, Lee’s plan was to implement SegWit on Litecoin to show everyone that the upgrade was safe, and thus help clear up the FUD that surrounded it. Basically the fear was that once SegWit is activated, miners can steal any coins sent to SegWit addresses. Anyone technical enough knows that this was not true. It was not possible for miners to steal coins that way. Unfortunately Bitcoin testnet was not useful here. — Charlie Lee (@SatoshiLite) October 8, 2021 Bitcoin’s Testnet wasn’t helpful in this case because its coins are worthless, so it doesn’t provide an incentive for bad actors to attack it. It couldn’t “test out the game theory of the blockchain.” On Litecoin, on the other hand, there would be “incentives for people to attack it. If miners can steal millions from anyone-can-spend coins, they would.” Besides helping Bitcoin beat the FUD, Charlie Lee had other reasons to implement SegWit in his project. “So you may wonder why I’m pushing for SegWit. Litecoin does not have a block size problem. That’s right, and SegWit is not just a block scaling solution. I would even say block scaling is just a side benefit of SegWit. The main fix is transaction malleability, which would allow Lightning Networks (LN) to be built on top of Litecoin.” LTC price chart for 10/12/2021 on Gemini | Source: LTC/USD on TradingView.com The Foundation Of The Litecoin Foundation A quick subsection, because this series is about Litecoin’s history. While the SegWit story evolved, Warren Togami stepped down as lead developer. Shaolin Fry joined the team specifically “to help us get SegWit activated on Litecoin.” Loshan and Thrasher also joined to help with the code. Xinxi Wang (@TheRealXinxi) and Franklyn Richards (@LitecoinDotCom) joined me as Director to the Litecoin Foundation and we had Loshan (@loshan1212) and Thrasher (@thrasher_au) as developers working on the code. People started to become excited about Litecoin again! — Charlie Lee (@SatoshiLite) October 8, 2021 At the same time, they created The Litecoin Foundation with Xinxi Wang, Franklyn Richards, and Charlie Lee himself as Directors. Enter The Bad Guy Of The Movie It’s time for the Litecoin and SegWit story to meet that legendary period known as The Blocksize War. At the time, mining was a relatively centralized affair and Bitmain was the… main player. They produced the “most efficient ASICs” and miners were heavily incentivized to vote with them… or else. “The co-founder of Bitamin, Jihan Wu,is a big supporter of scaling Bitcoin onchain,” Lee informs. That means, he was against SegWit and against The Lightning Network as scaling solutions. Jihan Wu was in the camp of simply forking Bitcoin to increase block sizes, a notion that the community ended up rejecting. However, at the time, Wu was singlehandedly stopping SegWit adoption in Bitcoin. And he had great influence over Litecoin too. Unfortunately that became very contentious. Because Jihan had a lot of influence, he single-handedly was able to block SegWit activation on Bitcoin. And because Bitmain also made one of the most efficient Litecoin miners, he had a lot of influence on Litecoin miners also. — Charlie Lee (@SatoshiLite) October 8, 2021 So, how could Charlie Lee and his band of misfits circumvent this huge obstacle blocking their way? “The difference between Bitcoin and Litecoin is me,” he said. “Bitcoin is more decentralized. There’s no one to come out to speak on what their vision of Bitcoin is.” Lee could and did promote his support of SegWit among the miners and tried to seduce some of them to vote his way. “Anyways, this was what I set out to do. I met and talked to many miners throughout the end of 2016 to early 2017.” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course We know that his plan worked, but it was a lot harder than expected. Jihan Wu had the resources and influence to render his efforts obsolete, plus he had an ace up his sleeve. How did Charlie Lee proceeded? How did he make SegWit on Litecoin happen and who stepped up to the plate to help him? Find all of that and more in tomorrow’s next and final episode of Litecoin ‘s 10-year history. Featured Image by InstagramFOTOGRAFIN from Pixabay – Charts by TradingView
An OpenSea employee, Nate Chastain, has been accused of insider trading on the platform. Chastain allegedly used confidential details to purchase an NFT before it was promoted on the company’s website and social media accounts. OpenSea, the world’s largest NFT marketplace, recently uncovered evidence of insider trading. One of the company’s employees, Nate Chastain, Head […]
Der Beitrag OpenSea admits that one of its employee’s was involved in NFT insider trading erschien zuerst auf Crypto News Flash.
Charlie Lee has owned up to the role that the Litecoin Foundation played in the spread of the hoax press release claiming Walmart would start accepting Litecoin payments. Lee, however, denied any links to the fake PR, claiming that he owns just 20 LTC and thus had no motive to pump the price of the […]
Der Beitrag “This time we really screwed up” – Litecoin founder Charlie Lee owns up to PR fiasco erschien zuerst auf Crypto News Flash.
A press release was published on GlobeNewswire claiming that Walmart would accept Litecoin payments today. Litecoin spiked by 34 percent immediately after the PR was published but after Walmart denied the links, it lost all the gains. A fake press release has led to a sudden spike in the price of Litecoin, and a sharp […]
Der Beitrag Fake press release links Litecoin to Walmart, leading to 34% shortlived price surge erschien zuerst auf Crypto News Flash.
The relatively quiet Litecoin blockchain onboarded OmniLite to enable users to create and manage digital assets and smart contracts. Grayscale Investments’ Litecoin Trust (LTCN) now has SEC reporting requirements that will pave the way for an LTC-ETF following approval. Litecoin (LTC), the 14th largest cryptocurrency by market cap, has been forging forward with new developments […]
Der Beitrag Are the latest developments in Litecoin setting up LTC for a massive rally? erschien zuerst auf Crypto News Flash.
Household discloses how they safeguard their own crypto fortune in four secret locations around the world
Didi Taihuttu, his wife, and 3 kids sold their assets to buy Bitcoin, and now keep their secret stash within vaults across the world. The trader explains that the locations range from rental apartments and friends’ homes to self-storage websites. The significant surge in the value of Bitcoin and other top cryptos in the past […]
Dieser Beitrag Family discloses how they safeguard their crypto fortune in four secret places around the world erschien zuerst auf Crypto News Flash.
Litecoin founder says he’s focused on integrating MimbleWimble, expresses confidence in LTC survival
Litecoin founder said LTC is one of the many altcoins that will survive. Lee revealed that new technology, MimbleWimble, will be added to Litecoin for fungibility and privacy. Litecoin creator Charlie Lee discussed his motivation for developing LTC and how it has evolved over the past 10 years. Lee further mentioned the future of Litecoin […]
Der Beitrag Litecoin founder says he’s focused on integrating MimbleWimble, expresses confidence in LTC survival erschien zuerst auf Crypto News Flash.
Litecoin is cleared for takeoff after a brutal downtrend against Bitcoin and the dollar. Could the cryptocurrency known as digital silver be the next altcoin to pop like Ethereum, Dogecoin, and the rest of the pack? Here’s a closer look at the technical signals suggesting a change in the tides is here – a reversal that could cause lighting in the LTCBTC trading pair to strike for a second time. The Long Running Deviation Between Digital Silver And Gold The digital gold narrative has fueled much of Bitcoin’s growth over the last two years. Being the “fastest horse in the race against inflation” and a way for corporations to protect treasury reserves has brought the crypto market to the mainstream. Related Reading | Now Or Never: Litecoin Plummets To Bottom Of Top Ten Crypto Assets Following Bitcoin, Ethereum went for a long run that’s still ongoing today, and other altcoins like Dogecoin have been the talk of finance. Yet still, Litecoin lagged behind. The once top ten titan of a cryptocurrency has since fallen out of the list completely, and has some catching up to do. That time could be now, however, as momentum on the highest timeframes against Bitcoin have begun to turn up for Litecoin. Momentum is turning up after more than 666 days of Litecoin holder hell | Source: LTCBTC on TradingView.com Litecoin Ready To Strike Back Against Bitcoin Like Lightning Litecoin has now spent a hellish 666 days in a downtrend against BTC, letting digital gold steal the entire show for several years. But like the real relationship between physical gold and silver, after gold makes a run, the silver ratio improves in the following months to years. The same is happening now with Litecoin, now that an altcoin season is back across crypto, and lower liquidity coins begin to rake up all the capital. Related Reading | Litecoin On The Verge Of Monster Move It takes less capital to move the price of these coins further, and after such a long-stretch of negative sentiment in Litecoin while Bitcoin soaked up all the positivity, it could result in an especially powerful move. All the same perfect-storm conditions are back from the last time the tides changed. The LMACD is turning up on monthly timeframes, suggesting momentum is in bulls’ favor. The downtrend both times lasted roughly the same amount of time, and the big move up came after breaking above the middle-Bollinger Band – something that is clearly happening again now according to the chart pictured above. With Bitcoin diving, and Litecoin and other altcoins getting their day in the limelight now, there’s a chance the massive move is only just beginning. Measured move targets point to as much as a 240% move against Bitcoin. Will LTC strike BTC for a second time? Featured image from Pixabay, Charts from TradingView.com