The crypto industry’s rallies have been going on for months now, interrupted from time to time by brief periods of corrections. However, even among the constant price surges, there are always coins that stand out with their own, personal rally, which tends to be stronger than most others.
According to Peter Brendt, the next coin to outperform the rest of the market will be Litecoin (LTC), as the legendary trader noticed that the altcoin is forming an inverse head-and-shoulders pattern.
LTC could see a major rally
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According to Brendt, the pattern could lead to a major breakout that might take Litecoin to $247 — its February 20th high. However, he also warned that this is by no means a certainty, as the pattern could morph into something else, or even completely fail to deliver a rally.
He noted that the pattern will likely fail if LTC were to drop below $180, and since the coin’s price stood at $194 yesterday, this was more than likely. Fortunately, at the time of writing (March 10th), the LTC price did not continue to drop. Instead, it climbed slightly, currently sitting at $200.
The coin currently sits as the 9th-largest cryptocurrency by market cap, with a market cap of $13.3 billion and a daily trading volume of $5.49 billion.
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Litecoin’s creator questions the value of NFTs
Another thing worth noting is that Charlie Lee, the creator of Litecoin, recently criticized the NFTs (Non-Fungible Tokens), questioning their actual value.
He stated that the value of owning any collectible is the ability to be its sole owner, and having the ability to put it on display. Since NFTs only serve as certificates of authenticity, he believes that owning them is not the same as owning the collectible itself.
Lee has become known for his apparent dislike of NFTs, as he also compared their popularity to 2017’s ICO boom, which ended badly for most projects due to the abundance of scams and poorly constructed projects.