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Litecoin (LTC) Poised to Break it’s Six Month Long Bear Channel

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“I wouldn't be surprised if LTC to leads a bullish breakout of BTC,” said on-chain analyst Willy Woo. And by the looks of it, we might be coming to that point.

While Chainlink (LINK) with over 11% and Tezos (XTZ) with 9% gains in the past 24 hours have been leading the market, Litecoin has been up 6%, close behind Bitcoin (up 6.94%), to lead the top 10 cryptocurrencies.

In the past 7 days, LTC has risen 12.20% to $48. This has been because as Woo explained Litecoin Difficulty ribbon is in recovery which should set up a “bullish breakout of the bearish channel.”

The hash rate of the Litecoin network has been falling ever since hitting an all-time high at 523.8 Th/s in July 2019. In mid-Dec, the hash rate seems to have bottomed at 130 Th/s as it starts climbing back up, currently at 162 Th/s.

This could also mean Litecoin leading a bullish breakout of BTC, he said, which wouldn’t be the first time.

Meanwhile, “1 day RSI breakout will very likely lead the LTCUSD price chart breaking its 6-month long bear channel,” said the analyst