Litecoin surges to new 2019 high
Litecoin (LTC) has surged in price over the last week. Some suggest this might be in part due to its partnership with hotel booking firm Travala, a sign that LTC has a “niche for mainstream use,” as Bitcoinist.com writes.
It is also true that while BTC’s price has been rising for some weeks, and LTC was one of the first coins to signal a bullish market, it didn’t continue to follow BTC and went into a holding pattern. Today marked the end of that slumber as it rallied to a new year high of over $100. And, as Bitcoinist points out, “the LTC/BTC pair broke bullish at the 0.01143 double bottom and traders flowed into the bull break that followed.” It adds, “The MAC D appears on the verge of a bull cross from oversold regions and the RSI is slowly making its way into bullish territory. If the bullish trend throughout the sector remains, Litecoin appears ready to grow legs and run. $109 and $127.90 are the next levels for LTC to overcome and it should also be noted that LTC set a higher low and higher high on the weekly time frame.”
There is also a theory that altcoins are benefiting from a trickle-down effect following BTC’s recent parabolic run. And that as Bitcoin’s dominance rate decreases traders are expected to see hefty gains from an array of small-cap altcoins.
Bitcoinist adds: “Given that Bitcoin is near the top of an amazing parabolic run, traders might consider taking altcoin profits quickly, keeping a close eye on a digital assets ability to maintain the exponential moving average of choice and using a stop loss is strongly advised.”
At the time of writing LTC is hovering around $105.