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Litecoin darkest before dawn
Nexo

Litecoin 10-Year Anniversary Arrives Alongside Altcoin’s Darkest Hour

Tony Spilotro by Tony Spilotro
7 months ago
in Litecoin
0

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.

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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

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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.

LTCBTC_2021-10-13_16-13-10

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.LTCUSD_2021-10-13_16-17-41

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.

Remember, #Litecoin holders, it is always darkest before dawn. pic.twitter.com/6xpb8QgcRa

— Tony "The Bull" Spilotro (@tonyspilotroBTC) October 13, 2021

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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