Why Bitcoin (BTC) could not outperform Litecoin (LTC) in this area
Bitcoin is slowly losing its grip on the bullish momentum it had over the past couple of days, falling 2.7% in the past 24 hours.
At press time, according to tracking from Coingeckothe alpha crypto is trading at $20,392 and once again showing little sign of retreat in recent hours.
- Bitcoin is struggling to get past the $20,500 mark
- Despite the bull run, BTC failed to enter the top 10 list of Galaxy Score
- LTC Leaves Bitcoin After Cracking LunarCrash’s Metric List
At times like these, the largest cryptocurrency by market capitalization seems vulnerable and could outperform some of the lesser-known altcoins such as Litecoin (LTC).
Such was the case with the Galaxy Score – a metric provided by LunarCrush designed to help understand crypto movement through extensive data analysis.
Litecoin managed to enter the top 10 list while Bitcoin was left out – a development that came as a surprise.
Bitcoin misses a potential bullish signal
While Galaxy Score is not a dominant and prominent indicator that can determine the trajectory of a cryptoasset’s price movement, and being included in the top chart usually indicates a bullish rally.
Litecoin took 6thth place in the recent ranking, coming in behind Collie Inu, Flux, AmpliFi, Neblio and Callisto Network while surpassing WadzPay, OKB, SONM and Ambrosus.
Meanwhile, Bitcoin was not included in the list despite its massive rise and undeniable popularity.
LTC also has another positive development since it was listed by CeFi and DeFi platform Blockbank. This will help new investors enter the Litecoin community as well as increase the asset’s reach.
However, according to the latest data from CoingeckoLTC is trading at $53.78 and although it has been down 4.1% in the last day, it is still up 5% on both the weekly and bi-weekly charts.
Litecoin heading for another upward move
Despite the price dump that Litecoin experienced in the last 24 hours, the technical indicators suggest a northward trend motion which will help the asset increase in 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, indicating that a bullish rally is on the horizon for the crypto.
Furthermore, Litecoin’s 20-day exponential moving average (EMA) is quickly heading towards the 50-day EMA, confirming the bullish thesis.
Finally, the Bollinger Band revealed that the asset’s spot trading price is heading into the high volatility zone.
All these and other market indicators give investors a reason to be optimistic as a continued price rise for LTC is likely to happen.
If this happens, Litecoin will also prove that the gains of the past few days are not just due to the crypto market rally driven by the likes of Bitcoin and Ethereum.
LTC total market cap at $3.8 billion on the daily chart | Featured image from ITNext, Chart: TradingView.com Disclaimer: The analysis is based on the author's personal knowledge and should not be construed as investment advice.
