With a 181.5% rise on the 24-hour chart, Dogecoin (DOGE) breaks any resistance to a new record. On the other hand, Litecoin is showing strong momentum and could track DOGE’s performance according to one trader.
Investing App Robinhood offers its users the opportunity to trade with 6 cryptocurrencies: DOGE, Bitcoin, Ethereum Classic, Bitcoin Cash, Bitcoin SV and Litecoin. Trader and analyst “Pentoshi” believes that DOGE’s current price action comes from this platform.
However, Litecoin has the “best looking chart” and is one of the cheapest to buy in Robinhood, Pentoshi said. These two factors can coincide with the mining cycles of DOGE and LTC. 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 is cheap compared to the other options from Robinhood traders.
Pentoshi added that PayPal’s crypto services are benefiting LTC’s price. In the LTC / BTC trading pair, Pentoshi established support in 444,976 satoshis and is aiming for 996,579 satoshis in the long term. The trader added the following about DOGE and LTC mining cycles:
$ DOGE and $ LTC are mined together. Both have the same cycles shown here: they are cyclic and repeat their fractals. Litecoin has just started! It’s all there when you zoom out. History just repeats itself.
You love to see it pic.twitter.com/zBr1PZ8Ix0
– Pentoshi 🐧wont DM you ltc to 1000 (@ Pentosh1) April 16, 2021
Litecoin (LTC) heading for $ 2,000?
Data from IntoTheBlock shows LTC indicators such as Net Network Growth, metric to measure Litcoin’s “real” network growth, large transactions, concentration and others are bullish. Futures market momentum is also optimistic due to the increase in volume and outstanding interest.
The In / Out of the Money Around Price metric indicates further valuation and support for LTC at around $ 268 and $ 287. More than 100,000 LTC addresses bought nearly 2 million LTC addresses near these levels.
In support of the bullish case, crypto trader Kaleo said the price of LTC to $ 1,000 is “imminent” and even set a further target towards $ 2,000.
– KALEO (@CryptoKaleo) April 15, 2021
LTC is trading at $ 313 with a gain of 12.9% on the 24-hour chart. In the weekly and monthly chart, LTC has 38.6% and 56.1% gains, respectively.
Data from CryptoQuant indicates a rise in the Coinbase premium over the past day. On this platform, there are already orders to sell LTC for $ 550, as analyst Eric Thies noted. Therefore, Litecoin investors seem to have plenty of reasons to remain optimistic.
– Eric Thies 📈 (@KingThies) April 16, 2021