According to U.Today, renowned trading expert John Bollinger has suggested that Litecoin (LTC) might be on the verge of a significant price movement. Bollinger made this observation after a follower inquired about his thoughts on Litecoin’s monthly chart using the Bollinger Bands, a technical analysis tool he developed.
Bollinger highlighted the difficulty of analyzing a logarithmic scale chart when the lower Bollinger Band crosses zero. He recommended adjusting the Y-axis slightly lower than the price low while maintaining the log scale. With these adjustments, the Litecoin price chart indicated a tightening of the Bollinger Bands. This tightening typically signifies low market volatility, which often precedes a substantial price move.
Litecoin, often referred to as the silver to Bitcoin's gold, is a peer-to-peer cryptocurrency created in 2011 by Charlie Lee. It is known for its faster transaction times and a different hashing algorithm compared to Bitcoin. Currently, LTC is priced at $71.20, with a market cap of $5.35 billion, ranking it as the 20th largest cryptocurrency. Litecoin’s all-time high was $413.49, achieved on May 10, 2021.
