John Bollinger Anticipates Litecoin to Make Major Price Move
The famous mathematician and financial analyst John Bollinger is widely regarded as the inventor of the Bollinger Bands (BOL), a technical trading tool useful in the ever-shifting cryptocurrency landscape.
Launched in the early 1980s, Bollinger Bands were first applied to traditional stock and bond markets, attempting to answer the question: Are prices high or low on a relative basis?
LiteCoin Takes on the Bollinger Bands Test
Litecoin (LTC), one of the first alternative cryptocurrencies, has often been mulled as a haven during drastic market downturns. However, LTC is still 17% down from a year ago, raising concerns among holders.
A few days back, a crypto trader called Bamboo presented Bollinger with a task. Based on the most recent monthly LTC price chart, the follower asked the financial virtuoso about LTC’s prospects. After a short discussion on settings to get the full picture, Bollinger posted his verdict.
“Squeezy, squeezy. About time for LTC to wake up,” declares Bollinger, as the chart suggested very narrow Bollinger Bands. Put in simpler terms, tightened Bollinger Bands imply steady price performance and low price fluctuations. Bollinger Bands widen when the coin’s volatility triggers a sudden rise or a heavy downturn.
LiteCoin Prevails as Top Choice for HODLers
In another related instance, the blockchain intelligence platform Santiment counted the number of non-empty crypto wallets over ten years. While some chains included haven’t been around for ten years, this metric reveals which crypto is considered a long-term investment or a store of value.
Intriguingly, crypto aficionados have shown the most loyalty to Litecoin, which currently has 8.08M of non-zero balance crypto wallets on LTC’s native chain. To compare, XRP has 5.24M wallets on XRP Ledger, while Dogecoin (DOGE), founded just two years after Litecoin, comprises 6.69M non-zero addresses.
Litecoin trades at $73.14 at press time, inking 1.5% gains over the past 24 hours. This positions Litecoin’s monthly performance in the green with a 5% upswing. Zooming out of the monthly charts, it’s fair to say that LTC is still over 80% behind its all-time peak of $410, claimed on May 10, 2021.
On the Flipside
Unlike the leading asset, Bitcoin (BTC), Litecoin has lost some relevance over the years.
Once considered the digital silver to BTC’s gold status, LTC is now the 21st crypto by global market capitalization.
Why This Matters
Derived from Bitcoin’s code, Litecoin has a four-times larger max supply of 84,000,000 and a quicker transaction system. These traits have made LTC a dominant asset in the altcoin markets.
Source : DailyCoin - Jul 24, 2024