The Litecoin network went live for the first time on October 13, 2011. Today it’s ten years after the debut of digital silver, which hit the same time the asset hit a new all-time low against BTC.
Is Litecoin shining from here, or will this 10-year anniversary be the start of a dramatic turnaround the asset is known for.
Litecoin Network reaches milestone in ten years in the market
Ten year anniversaries are always a special event that is worth celebrating. LTC holders may not feel that way considering their coin has fallen out of the top ten cryptocurrencies by market cap and has technically outperformed almost every other altcoin in general.
The LTC ratio versus BTC has gone through the wringer, just this week it hit all-time lows again, bringing the mood to the darkest ever.
Related reading | Why Litecoin could ultimately benefit from Bitcoin’s success
While the technical picture looks undoubtedly bad for the LTCBTC trading pair, there are basically few altcoins that are stronger than Litecoin. And for its tenth anniversary, it also has a longer lifespan than 90% of the rest of the market today.
Lows were swept against Bitcoin at an interesting time | Source: LTCBTC on TradingView.com
LTC fundamentals outshine Bitcoin, but when will the BTC ratio follow?
The number of daily LTC transactions broke records throughout the year. It is amassed heavily through shares of Grayscales LTCN. And now, on the asset’s tenth anniversary, it might have been necessary to revisit the all-time lows to prove to the naysayers that it won’t go any further. Ever.
The above LTCBTC chart shows a massive bullish divergence as cycle lows are broken and historic lows are reached.
Litecoin trading against the dollar below is even more bullish and still holds up well above resistance that became the support line at the neckline of a huge Adam and Eve double floor pattern.
The goal of the Adam and Eve structure is the tip of the pitchfork | Source: LTCUSD on TradingView.com
A reversal in the LTCBTC pair and a surge in Bitcoin would fit into the technical structure of a shocking upward move for Litecoin to the top of a pitchfork channel. Previous upward moves took very little time to reach the top after crossing the median. Why should this time be different?
Related reading | “Technically flawless” Litecoin could lead to a “biblical” upward trend
Litecoin moves fast because FOMO kicks in the moment the market realizes it was wrong. Due to the underperformance of the altcoin during this cycle, investors are not currently looking in their direction. But since today is the 10th anniversary, there could be more reasons to see the light through all the darkness.
Remember, # Litecoin holders, it is always darkest before sunrise. pic.twitter.com/6xpb8QgcRa
– Tony “The Bull” Spilotro (@tonyspilotroBTC) October 13, 2021
Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. The content is educational and should not be viewed as investment advice.
Featured image from iStockPhoto, charts from TradingView.com