•Litecoin has recently highlighted five traits that make it an attractive investment option, including its speed advantage over Bitcoin.
•LTC has been trading within an ascending price pattern and is up by 51% from its 12-month lows.
•However, some whales are taking profits and the market may be headed for a cliff due to price to RSI divergence.
Litecoin [LTC] has been on a roll lately, with its price up by 51% from its lowest 12-month level in June 2022. In the midst of this bull run, the cryptocurrency was trying to build a favorable image as it listed five traits that made it an attractive investment option and set it apart from its contemporaries. The tweet on 21 January highlighted the fact that Litecoin was the fairest coin launch ever, that the founder is still involved, that it now has over 141 million transactions, that it can be used almost anywhere, and that it is four times faster than Bitcoin.
While Litecoin’s statement may come off as an attempt to appear more attractive compared to Bitcoin, it does not necessarily undermine the competition. Both cryptocurrencies have co-existed in the same market and one does not pose a threat to the other. Litecoin has so far delivered an impressive rally, but is it really a better option for this bull run?
A look at Litecoin’s price action revealed that at the time of writing, it was trading within an ascending price pattern. An extended upside should at least place it above $100 at the next ascending resistance level. However, it should be noted that some whales are taking profits and the market may be headed for a cliff due to price to RSI divergence. This means that even though Litecoin has strong demand, it could still face an impending bearish market.
Nevertheless, with its list of attractive features, Litecoin continues to be a viable option for investors. Its founder’s involvement and the fact that it can be used almost anywhere make it appealing. Furthermore, its speed advantage over Bitcoin gives it an edge in the market. All in all, Litecoin is a strong contender in the cryptocurrency market that can stand its own in the face of competition.