With a 181.5% increase in the 24-hour chart, Dogecoin (DOGE) is breaking every resistance towards a new all-time high. On the other hand, Litecoin is showing strong momentum and, according to a trader, it could follow DOGE’s performance.
Investing App Robinhood offers its users the possibility to trade with 6 cryptocurrencies: DOGE, Bitcoin, Ethereum Classic, Bitcoin Cash, Bitcoin SV, and Litecoin. Trader and analyst “Pentoshi” believes DOGE’s current price action is coming from this platform.
However, Litecoin has the “best-looking chart” and is amongst the cheapest to buy in Robinhood, said Pentoshi. These two factors could converge with DOGE and LTC mining cycles. Pentoshi added:
On top of that. $Doge and $LTC are mined together. They are united by blood. Miners can take profits to LTC and it’s cheap compared to the Robinhood traders other options.
Pentoshi further added that PayPal’s crypto services have benefited LTC’s price. In LTC/BTC trading pair, Pentoshi set support in 444,976 satoshis and is aiming at 996,579 satoshis in the long run. The trader added the following on DOGE and LTC mining cycles:
$DOGE and $LTC are mined together. Both have the same cycles shown here: They are cyclical and repeat their fractals. Litecoin is just starting! It’s all there when you zoom out. History simply repeats.
#dogecoin money beginning it’s rotation into $LTC live now
You love to see it pic.twitter.com/zBr1PZ8Ix0
— Pentoshi 🐧wont DM you ltc to 1000 (@Pentosh1) April 16, 2021
Litecoin (LTC) on route to $2,000?
Data from IntoTheBlock shows LTC indicators like Net Network Growth, metric to measure Litcoin’s “true” network growth, Large Transactions, Concentration, and others are bullish. The Futures Market Momentum is also bullish due to the increase in volume and open interest.
The metric In/Out of the Money Around Price indicates further appreciation and support for LTC around $268 and $287. Over 100,000 LTC addresses bought almost 2 million LTC near these levels.
In support of the bullish case, crypto trader Kaleo said LTC’s price to $1,000 is “imminent” and even set a further target toward $2,000.
$LTC to $2000 pic.twitter.com/V5n2CindFV
— KALEO (@CryptoKaleo) April 15, 2021
LTC is trading at $313 with a 12.9% profit in the 24-hour chart. In the weekly and monthly chart, LTC has 38.6% and 56.1% profits, respectively.
LTC with bullish momentum in the 24-hour chart. Source: LTCUSDT trading view
Data from CryptoQuant indicates a rise in Coinbase premium over the past day. In this platform, there are already orders to sell LTC at $550 as analyst Eric Thies commented. Therefore, Litecoin investors seem to have enough reasons to remain bullish.
Someone got sells at $550 on #LTCUSD over on Coinbase Pro 👀 pic.twitter.com/4wKjImhb9w
— Eric Thies 📈 (@KingThies) April 16, 2021