The market is still in undecided territory, and could go either way, with Bitcoin (BTC) still bouncing above the weekly 200-day moving average at $3200. If it drops and tests it one more time, there would be a likelihood of it breaking.
In spite of this, there is
one crypto that is showing signs of an early bull market, and that’s Litecoin (LTC).
Litecoin (LTC) is in what looks like in the disbelief stage of the market. A
few months ago, after Litecoin dropped below the 200-day moving, the prevailing
expectation was that it could drop even further, and possibly drop below $20. However,
it held above the $20 mark, and entered into a slow uptrend. The uptrend has largely
been weak and the expectation of another drop is there. In spite of this,
Litecoin (LTC) continues to prove that this upside push could sustain. That’s
because, it has pushed back above the 200-day MA and held there.
Even after last Sunday’s
sudden market dump, Litecoin (LTC) has managed to hold firmly above the 200-day
moving average, and is showing more strength. If it holds above this level and
continues to rise for another couple of months, then it could start drawing
hope that things are getting better, which would further strengthen the market,
by drawing in more buyers. Such a scenario could see it inspire more confidence
in investors and drive Litecoin (LTC) into a full-blown bull run. Looking at Litecoin
(LTC) related events later this year, there is a high probability that it could
close the year in a major bull run.
That’s because, as hope in
Litecoin (LTC) continues to take shape, optimism will be ushered in by the
anticipation of the halving in August. As the date approaches and with Litecoin
(LTC) in the green, it could easily surge past $200. Beyond that, it stands to
gain from Bitcoin (BTC) driven FOMO. If Bitcoin holds above $3200 and sustains
above it going forward, then there is good reason to believe that it could be
going up. In such a case, it is likely to push up the value of the entire
market. This means that for already bullish cryptos like Litecoin (LTC), Bitcoin
could be a catalyst for more gains.
Litecoin (LTC) is also supported
by its growing adoption. The pay with Litecoin campaign has been ongoing for
some time now, and it has been quite successful. The number of institutions
accepting Litecoin (LTC) as a form of payment has been on an exponential growth
trajectory for the past year. This means that there is demand for Litecoin
(LTC) and it is offering major support to its value. As awareness about Litecoin’s adoption grows,
its value in the market will grow significantly. This could see it gain
tremendously this year.
In essence, Litecoin (LTC)
could easily be the best bet at the moment. $300 -$500 Litecoin is a high probability
this year, and that would be a good return.