Is It Time to Wake Up for the $5.4 Billion Altcoin?

Famous trading expert John Bollinger stated that Litecoin (LTC) may be on the verge of a big move and said, "It is time for LTC to wake up."

This statement came after a follower asked his thoughts on Litecoin's monthly chart using the Bollinger Bands technical analysis tool.

Recognizing Bollinger's expertise, the follower wanted to get his opinion on what the chart showed. Noting the difficulties in analyzing the lower Bollinger Band of a logarithmic scale chart when it crosses zero, Bollinger suggested setting the Y-axis slightly below the price low and keeping the logarithmic scale.

With these adjustments, the Litecoin price chart showed the Bollinger Bands narrowing. Bollinger Bands are a popular tool among traders and consist of an average band (simple moving average) and two outer bands (standard deviations of the mean).

When the bands narrow, it usually means that the market is experiencing low volatility, which often leads to a significant price movement.

Litecoin, often referred to as silver to Bitcoin's gold, is a peer-to-peer cryptocurrency launched by Charlie Lee in 2011.

It is known for faster transaction times and a different hashing algorithm than Bitcoin. Currently, LTC is priced at $72.37 and is the 21st largest cryptocurrency with a market cap of $5.4 billion. Litecoin's all-time high was $410.26, reached on May 10, 2021.

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