Litecoin leading the crypto-market suggests a potential bullish breakout; here's why

Litecoin seems to be leading the recent run-up in the cryptocurrency market.

According to Woo, Litecoin had already broken a significant resistance level hours before Bitcoin did.

This is not the first time that Litecoin leads the uptrend in the cryptocurrency market.

Although Litecoin's price action cannot be considered definitive proof of where Bitcoin is heading next, it certainly serves as guidance about the future market valuation.

After bottoming at $36 on Dec. 18, 2019, Litecoin is making a series of higher highs and higher lows.

A spike in the buying pressure behind Litecoin could take it to test the next levels of resistance at $53, $57.70, and $64. Adding to the bullishness, the moving averages on LTC's 1-day chart formed a golden cross.

As the 7-day moving average crossed above a 30 and 50-day moving average the potential for a significant bullish breakout increased exponentially.

Based on historical data, it seems that Litecoin could be used as an indicator to determine whether Bitcoin will surge or reach a market top.

The recent bullish impulse was lead by LTC. As seen in 2019, this cryptocurrency could now provide valuable information to asses the beginning of the next bull market.

Now, the analyst expects Litecoin to move in an upward direction even before Bitcoin does.