Bitcoin is slowly losing control of the bullish momentum it’s had over the past few days, falling 2.7% over the past 24 hours.
At the time of going to press, according to tracking coingeckoAlpha crypto is trading at $20,392, again showing a small sign of pullback for the past few hours.
- Bitcoin is struggling to break the $20,500 mark
- Despite Bull Run, BTC did not make the Galaxy Score top 10 list
- LTC abandons Bitcoin after cracking LunarCrash’s metrics list
At times like these, the largest cryptocurrency in terms of market cap seems vulnerable and can even be outperformed by some of the lesser-known altcoins like Litecoin (LTC).
Such was the case with the Galaxy Score, a metric provided by LunarCrush that aims to help understand the crypto movement through extensive data analysis.
Litecoin made the top 10 while bitcoin stayed out, a surprising development.
Bitcoin is missing a potential bullish signal
While Galaxy Score is not a dominant and prominent indicator that can determine the trajectory of a crypto asset’s price action, inclusion in its top list usually indicates a bullish rally.
Litecoin took 6th placeth 1st place in the most recent ranking, behind Collie Inu, Flux, AmpliFi, Neblio and Callisto Network while surpassing WadzPay, OKB, SONM and Ambrosus.
Meanwhile, despite its massive surge and undeniable popularity, Bitcoin has not made the list.
LTC is also seeing another positive development as it was listed by CeFi and DeFi platform Blockbank. This will help new investors enter the Litecoin community and increase the reach of the asset.
However, according to the latest data coingeckoLTC is trading at $53.78, and although it’s down 4.1% over the last day, it’s still up 5% on both its weekly and bi-weekly charts.
Litecoin is heading for another uptrend
Despite the price dumping Litecoin has seen over the past 24 hours, its technical indicators are pointing north movement that will help the asset increase its value in the coming days.
Source: TradingView
Notably, its Relative Strength Index (RSI) and Chaikin Money Flow (FLOW) are both positioned above the neutral zone, suggesting that a bullish rally is on the horizon for the crypto.
Additionally, Litecoin’s 20-day exponential moving average (EMA) is rapidly moving towards the 50-day EMA, confirming the bullish thesis.
Finally, the Bollinger Band showed that the asset’s spot trading price is heading into the high volatility zone.
All of these and other market indicators give investors reason to be optimistic as a sustained price increase for LTC is likely.
If this happens, Litecoin will also prove that its gains over the past few days are not solely due to the crypto market rally being fueled by Bitcoin and Ethereum.
LTC Total Market Cap at $3.8 Billion on the Daily Chart | Featured Image by ITNext, Chart: TradingView.com Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.
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