- Analysts claim LTC price may have bottomed
- Litecoin LTC price is now ready to reach new highs
- Litecoin LTC price completed the ABC correction
Litecoin news today – Litecoin LTC, the so-called crypto silver and the seventh-largest crypto by market capitalization are leading the crypto market. According to analysts’, LTC price might have bottomed already. There may be new highs insight for the digital asset. Per the report, the crypto analyst also claims that BTC and the entire market will follow the trend set by LTC. Let’s see how it came to this.
Litecoin Price Prediction – LTC Price May Have Bottomed After Completing ABC Correction
At the beginning of 2019’s rally, LTC led the entire market from the bottom and kicked off a huge 500% rally for all altcoins. This surge in LTC interest was as a result of the digital asset’s halving event. However, a brief sell-off before the halving event ended that rally. After this, the Litecoin price retraced to new highs and lows last year. Earlier in the year, it was Litecoin that first bottom. After this, it began to show bullish signals. The crypto led the market into a new rally, which was only broken two weeks ago.
Litecoin (LTC) Price Today – LTC / USD
Now, the price of LTC is showing signals that it might have hit a local bottom. Meaning, it is ready to post new high points. According to a certain crypto analyst, LTC has finished the ABC correction after a five-wave impulse. If we use the Elliot Wave Theory here, we will see that Litecoin, would be theoretically ready for a new five-wave impulse to the upside again. It could set a new high, and potentially the highest point since the market bottomed two years ago.
Can Litecoin LTC Lead the Market to New Highs?
As stated by the analyst just like BTC, Litecoin also leads the ecosystem in establishing trend reversals. Bottoming and initiating a new uptrend means that LTC has succeeded in pushing the entire digital asset market to do the same. This type of move would eventually take the market by surprise because of fears over what the coronavirus will have on the market and concerns of a coming global recession. These factors could keep crypto prices at bay. Investors may have already started selling due to fears that the worst is still ahead in the coming months and weeks. The best investors are the greedy ones when the majority are scared and fearful investors when others are greedy. Considering the amount of fear in crypto markets, the bulk of investors who are willing to take risks could find a huge reward for maintaining a contrarian position. With the coronavirus acting like a black swan event that could potentially crush cryptos, investors must take caution in their decision making.