There seem to be signs of life in the crypto space this weekend, as various digital assets have shown green lines on the charts. Litecoin, the seventh ranked cryptocurrency by market size, is among the top gainers.
In the last few weeks, the market has been red with all the major digital assets losing more than 50 percent of their market value. However, things have changed a bit this weekend. Litecoin is now among the major Cryptos on the rise with more than 10 percent rise. The cryptocurrency was valued at $26.16 on Sunday, December 16,2018 according to FXStreet.
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How has Litecoin faired on the daily charts?
On the daily trading charts, Litecoin moved exactly from the long-term trend line support that is required for prices to stabilize. Besides, at the 720th-minute the cryptocurrency was stuck in a downward parallel channel with the price reaching just around the upper end of the channel. It’s too early for Litecoin holders to celebrate because if the bullish trend does not continue, the price may simply fall back to the reds anytime soon.
By market size, Litecoin is among the largest cryptocurrencies. It attracts the attention of institutional investors and cryptocurrency funds, which is why its transactions are increasing steadily. Litecoin price predictions for 2018 show that the cryptocurrency is on the rise and could yield some good profits come 2019. However, the crypto market remains volatile and it’s advisable to diversify holdings in a bid to reduce the risk.
A weekend of mercy
In addition to Litecoin, other cryptocurrencies have also experienced an increase in value, including Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH). Bitcoin (BTC) had its value up by 1.11%, Ripple (XRP) by 1.10%, and Ethereum (ETH) by 2.81%. Of the major cryptocurrencies that showed green, Litecoin displayed a bullish momentum, with its value up by up to 11%.
While 2018 has been a rough year for digital assets, a show of green line for most cryptocurrencies is a sigh of relief. The last three months of the year have been quite bearish, pushing many assets to the bottom. While most cryptocurrencies are still recovering from the bearish wave, it’s true that the crypto market is unpredictable and no one knows what tomorrow holds.
As many analysts suggest, the sensible to do at this time is to be on the receiving end for what comes on a daily basis. Importantly, appreciate any bullish trend that shows up, however small it may be.
Too early to celebrate
For Litecoin, it still has to work hard to maintain its value of work its way up. The cryptocurrency has the following challenges:
The inclusion of SegWit on Bitcoin network watered down one of the things that made Litecoin unique.
Being a spin-off from Bitcoin, Litecoin lacks new, innovative ideas to help it carve a niche among the altcoins
The scalability issues of Bitcoin network affects Litecoin market indirectly
Many people are still struggling to know the difference between Litecoin (LTC) and Bitcoin (BTC).
Do you think Litecoin will maintain its bullish trend in the coming weeks? let’s hear your suggestion in the comments section below.
Trading charts from FXStreet
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