Bitcoin price has been constantly hovering around $17,000 for the past couple of days, while the Ethereum price is struggling to reach $1300. The market sentiments are presently uncertain, as the bulls and the bears both appear to be passive. Hence, it is compelling the markets to remain within the consolidated range. However, the trend is expected to manifest a diverse trend, as one of the primitive tokens, Litecoin, is closer to setting up a giant move to the north.
A widely followed crypto trader and strategist, Justin Bennett believes the Litecoin price rally is set to begin at the earliest and may even outperform Bitcoin too.
The LTC price is holding around the $30 support range and may rise towards its resistance zone at around $465 somewhere in 2023.
“I’m bullish on LTC in the short term, especially against BTC, but there’s no reason to think we won’t see this play out again in 2023,”
The Litecoin price is trading at $77.05 at the moment, while LTC/BTC pair is ranged up by more than 30% over the past 30 days and by more than 20% in the last 2 weeks.
Further moving towards Ethereum, the analyst believes that the second-largest digital asset by market cap is prone to drop heavily to reach local highs, repeating the past price action it underwent in the past month.
“I mentioned this to members yesterday, but ETH has formed a similar pattern to what we saw in late November.
Run the local highs to trap longs and then reverse,”
The analyst believes that the Ethereum price is on track to reach the local high of $1319, where it may witness a significant rejection towards the present support at $1240.
Source: https://coinpedia.org/price-analysis/litecoin-poised-for-a-massive-upswing-may-outperform-bitcoin-ethereum-soon/