Litecoin (LTC) was once one of the main cryptocurrencies on the market. While Bitcoin (BTC) was called the digital gold, LTC was once considered “the silver” of cryptoactives.
However, just as the BTC failed to keep up with several of the developments in the cryptoactives market, such as the construction of dApps, NFTs and DeFi, Litecoin also “stopped in time”.
The LTC blockchain does not allow the construction of smart contracts. Nor has it managed to win institutional adoption like the BTC.
Based on this, and with the arrival of NFTs, play-to-earn games and other developments, experts began to speculate that the LTC was “dead”.
But that’s not the opinion of veteran trader Peter Brandt. The long-term “bull” of Bitcoin hopes that Litecoin will even surpass BTC soon.
LTC
the trader I told its 580,000 Twitter followers that Litecoin is ready for a massive run after breaking resistance from its September peak of $239.12.
“Litecoin topped the September peak in volume expansion and WBBs. So expect a new 2021 bull test at $395 or more.”
Brandt did not define the term “WBBs”, but he could be referring to the wide bars (candles) or weekly Bollinger bands, a common trade indicator that currently shows expansion for LTC.
Furthermore, Brandt pointed out that both indicators indicate an optimistic outlook for cryptoactive. LTC is already sketching a reaction, having jumped 30% in one week, going from US$ 193 to current US$ 260.
In addition to Litecoin’s short-term price action, Brandt is on eye in Bitcoin in the long run as a safe haven against inflation.
“There is one thing in the markets that I am absolutely sure of: the devaluation of the US dollar. $1 when I was born is worth 8 cents today. $1 today will probably be worthless when my grandchildren are my age. Bitcoin solves that,” he said.
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