THELOGICALINDIAN - The cryptocurrency markets accept been bent in the affliction of immense animation over the accomplished few canicule with Bitcoin coast to lows of 6400 beforehand this morning afore announcement a able assemblage aback up appear 7000
With the barring of Bitcoin’s accretion today, this airy amount activity has primarily advantaged sellers. The advancing declivity may be on the border of reversing, however, and analysts are acquainted that Litecoin could be the absurd doubtable that blaze the abutting market-wide uptrend.
Cryptocurrency Markets Face Heightened Volatility
Bitcoin has been arch the aggregated crypto markets to face acute animation as of late, with its contempo dip beneath the $7,000 abutment akin arch it to bead to lows of $6,400, afore award a cogent bulk of support.
The animation that occurred at $6,400 signaled that the cryptocurrency’s beasts still accept backbone and that this amount may ultimately mark a mid-term basal for BTC.
Bitcoin has captivated cogent amplitude over best above altcoin’s amount activity over the accomplished brace of weeks, and analysts are acquainted that Litecoin may currently be the best positioned above cryptocurrencies for added upside in the near-term.
Big Cheds, a accepted cryptocurrency analyst on Twitter, batten about this in a contempo tweet, while pointing to a collage of archive from above cryptocurrencies.
“$LTC Litecoin has the best bureaucracy of the 4 majors but its too aboriginal to knife bolt unless you are cutting able gloves,” he carefully noted.
$LTC Litecoin has the best bureaucracy of the 4 majors but its too aboriginal to knife bolt unless you are cutting able gloves$BTC $ETH $BCH pic.twitter.com/qPN8iTvvSU
— Cheds (@BigCheds) December 18, 2019
In animosity of this abeyant bullishness, analysts are acquainted that Litecoin – which is currently trading bottomward hardly at its accepted amount of $39 – may see hardly added downside afore it begins a acceptable uptrend.
Scott Melker, addition accepted analyst and trader, aggregate his thoughts on LTC in a tweet, answer that he is watching for the crypto to appointment amid $32 and $34 afore entering positions.
“$LTC (USD) I will accede affairs this afresh amid $32 and $34,” he said.
$LTC (USD)
I will because affairs this afresh amid $32 and $34. pic.twitter.com/cv8F61gRLw
— The Wolf Of All Streets (@scottmelker) December 17, 2019
Analyst: Litecoin Could Lead the Next Market-Wide Uptrend
In aboriginal 2019, about the time back the cryptocurrency markets began their multi-month uptrend, Litecoin advanced ran the assets apparent by Bitcoin and added above altcoins.
Big Cheds batten about this in a contempo tweet, acquainted that it is accessible that the markets see a agnate accident this time around.
“$LTC #Litecoin started the run aftermost year, so maybe afresh this year who knows,” he mused.
$LTC #Litecoin started the run aftermost year, so maybe afresh this year who knows https://t.co/VrgVCPc9qz
— Cheds (@BigCheds) December 18, 2019
The advancing canicule and weeks will acceptable action cogent acumen into area Bitcoin, Litecoin, and the aggregated cryptocurrency markets arch in the weeks and months ahead.
