Litecoin would be the silver to Bitcoin’s digital gold, however oftentimes, it’s the seventh-ranked crypto asset by market cap that leads the cryptocurrency market.
In response to one analyst, Litecoin “might have bottomed” out and “new highs” are inbound for the altcoin. The analyst additionally says that because of this Bitcoin and the remainder of the altcoin market will comply with.
Litecoin Completes ABC Correction, Backside Could Be in
Throughout the begin of the 2019 rally, Litecoin led the rest of the crypto market in bottoming and kicking off what would finally be a large 500% rally for the altcoin.
The surge in curiosity in Litecoin was because of the asset’s halving. Nevertheless, a selloff pre-halving ended that rally and Litecoin retraced to a brand new larger low in late 2019.
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Earlier this yr, it was additionally Litecoin to first bottom and begin showing signs of a recovery. The cryptocurrency led the market into yet one more rally, that has solely lately damaged its development.
As soon as once more, Litecoin is exhibiting indicators that it might have discovered a neighborhood backside and is able to goal new highs.
In response to one crypto analyst, Litecoin has simply completed an ABC correction following a five-wave impulse upward. The analyst makes use of Elliott Wave Theory to foretell future value actions in property.
If so, Litecoin would theoretically be prepared for one more five-wave impulse upward as soon as once more, this time setting one other new native excessive, and probably the primary larger excessive for the reason that crypto market bottomed in December 2018.
beginning to assume $ltc might have bottomed, am cautiously lengthy, a break above $69 and id say the underside is in and new highs on the playing cards and clearly if ltc bottomed it means corn did aswell.
not full bulltard simply but however it’s wanting optimistic pic.twitter.com/CBj1IEewkO
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) March 5, 2020
Can The Crypto Asset Lead Bitcoin and Altcoins to New Highs?
Because the analyst factors out, Litecoin often leads the market in establishing development reversals, however later different altcoins and even Bitcoin are likely to comply with.
Litecoin bottoming and resuming its uptrend would imply that Bitcoin and the remainder of the asset will achieve this as properly.
Such a transfer would seemingly catch the market unexpectedly, as fears over the impact of the coronavirus and an impending economic recession hold cryptocurrencies costs at bay.
Investors are panic selling everything they own, fearing the worst within the months and weeks forward.
However because the saying goes, the best investors are greedy when others are fearful, and fearful when others are grasping.
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With a lot worry in monetary markets, buyers that take the danger may in the end discover important reward for enjoying the contrarian place.
Nevertheless, with the coronavirus presumably being a black swan event with the ability to fully crush cryptocurrencies, buyers should take further warning making any choices with their cash.
