• Litecoin [LTC] highlighted five traits that set it apart from other cryptocurrencies.
• LTC has seen a 51% increase from its lowest 12-month level in June 2022.
• Litecoin has been trading within an ascending price pattern, but is it really a better option for this bull run?
Litecoin is one of the oldest and most popular cryptocurrencies in the market today. Recently, the coin has been taking advantage of its press time bull run to build a favorable image and try to steal some of Bitcoin’s [BTC] shine. In a tweet on 21 January, LTC listed five traits that made it appealing and set it apart from its contemporaries.
The five traits included that it was the fairest coin launch ever, with the founder still involved, over 141 million transactions, the ability to use Litecoin almost anywhere, and that it was 4 times faster than Bitcoin. While some may view this statement as an attempt to make Litecoin appear more attractive than Bitcoin, it does not necessarily undermine the competition. Rather, both cryptocurrencies have co-existed in the same market and one does not pose a threat to the other.
Litecoin has so far delivered an impressive rally, but is it really a better option for this bull run? A look at Litecoin’s price action revealed that at the time of writing, it was up by roughly 51% from its lowest 12-month level in June 2022. In contrast, Bitcoin was up by 47% from its November 2022 lows. The former has been trading within an ascending price pattern. An extended upside should at least place it above $100 at the next ascending resistance level.
At press time, the price had some room before reaching the ascending resistance line. There was also another observation that suggested that Litecoin could be headed for a cliff as price to RSI divergence manifests. Despite this, LTC metrics still highlight strong demand, but some whales are taking profits.
It is difficult to predict the future of Litecoin and whether or not it is a better option for the current bull run. Regardless, Litecoin has been growing in popularity and the five traits highlighted in the tweet suggest that it is a cryptocurrency that is here to stay.