Bitcoin’s bullish momentum is gradually losing its hold on it, falling by 2.7% in the past 24 hours.
According to tracking, at press time CoingeckoThe alpha crypto trades at $20,392 today and has shown a slight retreat over the last few hours.
- Bitcoin is struggling to surpass the $20,500 mark
- BTC did not make it to the Galaxy Score Top 10 despite its bull run
- LTC leaves Bitcoin behind after cracking the LunarCrash’s metric list
These times are when the biggest cryptocurrency by market capitalization is vulnerable. It can also be easily outperformed by lesser-known altcoins such as Litecoin or LTC.
Such was the case with Galaxy Score – a metric provided by LunarCrush designed to provide help in understanding 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 Out On A Potential Bullish Signal
While Galaxy Score is not a dominant and prominent indicator that can determine the trajectory of a crypto asset’s price movement, being included in its top list usually indicates a bullish rally.
The 6th place went to LitecoinThe following is a list of thspot, ranking behind CollieInu, Flux and AmpliFi. However, Callisto Network remained ahead of WadzPay OKB and SONM.
Meanwhile, Bitcoin wasn’t included on the list despite its massive surge and undeniable popularity.
Another positive thing about LTC is that it was recently listed on the CeFi and DeFi platforms Blockbank. This will help new investors to enter the Litecoin community as well as increase the asset’s reach.
However, the most recent data shows that CoingeckoLTC traded at $53.78. Although it was down 4.1% the previous day, LTC still rose by 5% on both weekly and biweekly charts.
Litecoin Heading to Another Upward Movement
Despite the recent price plunge that Litecoin suffered over the past 24 hour, the technical indicators of the coin suggest a northbound. BewegungThis will allow the asset to increase in value over the next few days.
TradingView
Particularly, the Relative Strength Index and Chaikin Cash Flow are both above the neutral zone. This indicates that a bullish rally for crypto is possible.
Furthermore, Litecoin’s 20-day Exponential Moving Average (EMA) is rapidly heading towards the 50-day EMA, confirming the positive thesis.
Lastly, the Bollinger Band revealed that the asset’s spot trading price is on its way to the high volatility zone.
Investors have reason to feel optimistic about the likelihood of a price increase for LTC.
If that happens, Litecoin could also show its appreciation for the cryptocurrency market rally caused by Ethereum and Bitcoin.
LTC Total Market Cap at $3.8B on Daily Chart | Featured image from ITNext, Chart: TradingView.com Disclaimer: This analysis is solely based upon the author's own knowledge.