Yesterday, there was a surge in the price of cryptocurrencies that allowed major cryptocurrencies to gain significant momentum and recover from losses. This was a much-needed recovery that cost EOS, the fourth largest cryptocurrency per market capitalization, its position to LTC. Litecoin (LTC) surged up by 30% within a 24-hour period. So far, the cryptocurrencies have been able to retain their gains and this convinces analysts that the coming week is going to be marked by more upward recovery.
Cryptocurrencies Trade Flat After Recent Price Pump
This morning, most cryptocurrencies were trading marginally either upward or downward. XRP was down by 1.4% against the USD while ETH was down by 0.2%. LTC was up by 1.7% trading at $43.60. Considering the fact that LTC was trading at $33 yesterday morning, the price recovery is remarkable. At the time of writing, LTC was down by 2.90% against the USD trading at $43.49. Against BTC, it was down by 2.42%. Still the fourth cryptocurrency per market capitalization, LTC has a market capitalization of $2,626,690,055 and a 24-hour trading volume of $1,287,811,169.
Bitcoin (BTC) Price Today – BTC / USD
There is a strong price resistance at $43 which LTC has been unable to overcome. It would need to break above this level if it is to surge against the USD significantly again. Due to the current price action, a cryptocurrency analyst on Twitter, the Crypto Dog, said that he is going to sell his LTCs when the price gets to $43 and he would not take any new positions until the price action changes again. He also complained about the trading volume of LTC. In his words:
“The volume of LTC is lacking in the move. Also, the 50% fib retracement level of the falling wedge pattern is looking like a lot to ask for now. I am not going to make any longs until the price action changes and I will be selling at $43.”
Crypto Dog isn’t the only analyst who talked about the current price action. Another popular analyst, Mitoshi Kaku, said that he entered shorts during the recent price pump. He suggested that the price is going to keep rising but it will drop first.
Even If The Prices Are In Red, An Upward Rally Is On The Way
Right now, all the top cryptocurrencies are trading in red against the USD. However, this is just a preparation for the bulls to take over the market soon. According to another well-known analyst, Instinct, there will be some aggressive buying pressure as BTC, ETH, and LTC take a dip. Buyers will want to buy the dip and sell as higher prices within a short period. This would lead to a boost in price. Instinct said:
“Many large market capitalization coins were able to make decisive flips today because of high volume. I’ll be buying the dip aggressively over the next few days because I expect upward movements. I’ll be buying areas in green and selling areas in red. $LTC $ETH $BTC.”
Right now, there is still some uncertainty about how the price action next week would look. The next few hours of trading will determine how the price action will be in the coming week. It’s possible that the market might maintain the upward rally against the USD.
Do you think LTC will be able to keep its position as the fourth largest cryptocurrency per market capitalization? Share your thoughts.