With an 181.5% rally on the 24-hour chart, Dogecoin (DOGE) is breaking all resistance to a new all-time high. On the other hand, Litecoin is showing strong dynamics and, according to the trader, may follow the DOGE indicators.
The Investing App Robinhood offers its users the ability to trade with six cryptocurrencies: DOGE, Bitcoin, Ethereum Classic, Bitcoin Cash, Bitcoin SV, and Litecoin. Trader and Analyst Pentoshi believes that DOGE's current price action comes from this platform.
However, Litecoin has “the nicest chart” and is one of the cheapest to buy at Robinhood, Pentoshi said. These two factors may overlap with DOGE and LTC mining cycles. Pentoshi added:
In addition to all. $ Doge and $ LTC are mined together. They are united by blood. Miners can take profits in LTC, which is cheap compared to other Robinhood trader options.
Pentoshi also added that PayPal crypto services have an LTC price advantage. In the LTC / BTC trading pair, Pentoshi has established support at 444,976 satoshi and is targeting 996,579 satoshi in the long term. The trader added the following to the DOGE and LTC mining cycles:
$ DOGE and $ LTC are mined together. Both have the same cycles shown here: they are cyclical and repeat their fractals. Litecoin is just getting started! All of this is there when you zoom out. History just repeats itself.
LITECOIN (LTC) ON ITS WAY TO $ 2,000?
IntoTheBlock data shows LTC metrics such as Net Network Growth, a metric for measuring the "true" growth of the Litcoin network, Large Transactions, Concentration and others that are upbeat. The dynamics of the futures market is also bullish due to increased volume and open interest.
The In / Out of the Money Around Price indicator indicates further growth and support for LTC around $ 268 and $ 287. Over 100,000 LTC addresses bought almost 2 million LTC, close to these levels.
In support of the optimistic outlook, crypto trader Kaleo stated that an LTC price of up to $ 1,000 was "inevitable," and even set a further target of $ 2,000.
LTC is trading at $ 313 at a 12.9% return on the 24-hour chart. On the weekly and monthly charts, LTC has gains of 38.6% and 56.1%, respectively.
LTC with bullish momentum on the 24-hour chart. Source: LTCUSDT Tradingview
CryptoQuant data points to a rise in Coinbase premium over the last day. There are already $ 550 LTC sell orders on this platform, analyst Eric Tees commented. So there seems to be ample reason for Litecoin investors to remain optimistic.
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