Until now it has not been a good week for most cryptocurrencies. All markets lost value and total capitalization declined by some tens of billions. For Litecoin, things are not going so badly, even if the altcoin is not currently able to recover the $ 35 level as a stable support. Sooner or later this situation could change, assuming that the volume of trade resumes and Bitcoin does not reverse the course.
The price of Litecoin shows signs of positive momentum
It was a first half of the brutal week for all the major cryptocurrencies. Once Bitcoin loses value, all bets are disabled for altcoins, tokens, and digital assets. This week was not different about it, although most people had hoped in some alternative markets to separate themselves from Bitcoin at this crucial time. This has not happened so far, nor will it change in the next few weeks.
In the case of Litecoin price, there is a noticeable uptrend in both USD and BTC. After all that has happened this week, it is necessary first of all to welcome such small gains with open arms. Although no one can predict how long these earnings will remain in place, things do not look half bad at this time. Supporting this momentum will however require more trading volume and some help from Bitcoin.
Looking through social media, it is clear that many users will remain confident that cryptocurrencies will soon bounce back. So far, the year 2018 has not shown any inclination to do exactly that, even if the year is not yet finished. Mike is happy with his recent investment in Litecoin, as he is already making a little profit to do absolutely nothing. This is just one example of how powerful cryptocurrency investments can be, even when small amounts are involved.
– ░▒▓█ マ イ ケ ル (@northexpedition) 22 November 2018
There is an aspect on the cryptographic and digital resources markets that simply can not be overlooked. More specifically, there are five currencies that are purchased much more frequently than others. Litecoin is part of this list, so it should be a matter of time before it returns to the top 5 of the cryptocurrency market. This could be a big challenge, as it will be necessary to overcome both XLM and EOS to do so.
$ XRP #XRP $ Crypto #Crypot #Ripple #Bitcoin #Litecoin #Ethereum #BitcoinCash #Influence #CryptoMarkets
TOP Five is always the TOP, it's as if your left hand or the royant had five fingers and which hand you'll be happy that you'll get something 😇 pic.twitter.com/q1OzOHP9kw
– Miga ฿ © ® ™ (@migafreeman) 22 November 2018
Perhaps the biggest news of the week is how cryptocurrencies continue to gain ground in Venezuela. This is a remarkable development, especially considering that there has been no real indication that Venezuela is approaching to officially embrace Bitcoin or altcoin. This new case of use for cryptocurrencies has long been delayed. The store in question apparently focuses on Bitcoin payments, although there is alleged support for altcoins.
With all this information in mind, there is a good chance that the price of Litecoin will reach $ 35 later today. Turning it into a support level, however, will be extremely difficult. As long as the value for BTC remains above $ 30, an immediate downtrend is not expected for the time being. If Bitcoin were to collapse again, however, $ 30 will not be the fund for Litecoin.
Disclaimer: this is not about trading or investment advice. The article above is for entertainment and training purposes only. Please do your own research before buying or investing in any cryptocurrency.