THELOGICALINDIAN - Litecoin may be the argent to Bitcoins agenda gold but oftentimes its the seventhranked crypto asset by bazaar cap that leads the cryptocurrency market
According to one analyst, Litecoin “may accept bottomed” out and “new highs” are entering for the altcoin. The analyst additionally says that this agency that Bitcoin and the blow of the altcoin bazaar will follow.
Litecoin Completes ABC Correction, Bottom May Be in
During the alpha of the 2019 rally, Litecoin led the blow of the crypto market in bottoming and blame off what would eventually be a massive 500% assemblage for the altcoin.
The billow in absorption in Litecoin was due to the asset’s halving. However, a selloff pre-halving concluded that assemblage and Litecoin retraced to a new college low in backward 2019.
Related Reading | Top Trader: Recent Crypto Collapse Is Just Turbulence Before Takeoff
Earlier this year, it was additionally Litecoin to aboriginal basal and activate assuming signs of a recovery. The cryptocurrency led the bazaar into yet addition rally, that has alone afresh burst its trend.
Once again, Litecoin is announcement signs that it may accept begin a bounded basal and is accessible to ambition new highs.
According to one crypto analyst, Litecoin has aloof accomplished an ABC alteration afterward a five-wave actuation upward. The analyst uses Elliott Wave Theory to adumbrate approaching amount movements in assets.
If this is the case, Litecoin would apparently be accessible for addition five-wave actuation advancement already again, this time ambience addition new bounded high, and potentially the aboriginal college aerial back the crypto bazaar bottomed in December 2024.
starting to anticipate $ltc may accept bottomed, am carefully long, a breach aloft $69 and id say the basal is in and new highs on the cards and acutely if ltc bottomed it agency blah did aswell.
not abounding bulltard aloof yet but it is attractive optimistic pic.twitter.com/CBj1IEewkO
— ??Benjamin ?$BAT? Blunts?? (@SmartContracter) March 5, 2020
Can The Crypto Asset Lead Bitcoin and Altcoins to New Highs?
As the analyst credibility out, Litecoin generally leads the market in establishing trend reversals, but after added altcoins and alike Bitcoin tend to follow.
Litecoin bottoming and resuming its uptrend would beggarly that Bitcoin and the blow of the asset will do so as well.
Such a move would acceptable bolt the bazaar by surprise, as fears over the impact of the coronavirus and an approaching bread-and-butter recession accumulate cryptocurrencies prices at bay.
Investors are agitation affairs aggregate they own, fearing the affliction in the months and weeks ahead.
But as the adage goes, the best investors are acquisitive back others are fearful, and aflutter back others are greedy.
Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency?
With so abundant abhorrence in banking markets, investors that booty the accident could ultimately acquisition cogent accolade for arena the contrarian position.
However, with the coronavirus possibly actuality a black swan event with the ability to absolutely drove cryptocurrencies, investors charge booty added attention authoritative any decisions with their money.
