Why One Analyst Sees Litecoin (LTC) Surging 47% Despite the Crypto Markets Remaining Gloomy
After exiting an involatile weekend, the overall crypto markets are experiencing a mixed trading session, with most cryptocurrencies trading up or down marginally. Despite the markets not looking overwhelmingly positive from a technical standpoint, many analysts are expressing an increasingly bullish sentiment regarding Litecoin.
This bullish sentiment towards LTC may stem from a combination of technical strength and its recently announced Confidential Transaction feature that may be implemented sometime later this year.
Crypto Markets Trade Mixed as Bitcoin Trades Flat
At the time of writing, Bitcoin is trading sideways at its current price of $3,470. Over the past week, BTC has ranged between $3,400 and $3,500, and has failed to break through either of these levels.
This bout of sideways trading has led most cryptocurrencies to only move slightly, with most major cryptos trading up or down under 1%.
Ripple (XRP) is trading down nominally today at its current price of $0.302. XRP appears to have found some support at the $0.30 level, but its historical level of strong support remains around $0.28.
Ethereum has climbed slightly today and is currently trading at $108. Because ETH has been able to hold steady above $100 despite the recent market volatility, some analysts see it as being potentially bullish in the short-term.
In a recent tweet from The Crypto Dog, a popular cryptocurrency analyst on Twitter, he concisely said that he sees ETH incurring some gains in the coming weeks.
I want in $ETH pic.twitter.com/CzRtfLVhoB
— The Crypto Dog
(@TheCryptoDog) February 3, 2019
Analysts Concur that Litecoin is Looking Bullish
Although the overall crypto markets are currently showing few signs of technical or fundamental bullishness, analysts seem to agree that Litecoin (LTC) could see a price surge in the near-future.
At the time of writing, Litecoin is trading up 2% at its current price of $34. LTC is currently up over 10% from its seven-day lows of $30, and is only down slightly from its weekly highs of just under $35.
DonAlt, a popular cryptocurrency analyst on Twitter, recently noted that Litecoin’s chart looks bullish despite the cryptocurrency currently pushing up against a resistance level.
“$LTC There she goes… One more resistance to break and then the sky will be clear… I’m rarely ultra bullish at resistance but when the chart looks that nice it’s the way to go,” he said.
There she goes.
One more resistance to break and then the sky will be clear.
I'm rarely ultra bullish at resistance but when the chart looks that nice it's the way to go. pic.twitter.com/ZaulAblvdT— DonAlt (@CryptoDonAlt) February 2, 2019
This same sentiment is echoed by Moon Overlord, another popular cryptocurrency trader on Twitter, who noted that LTC could surge as high as $50 over a higher time frame, which would mark a 47% increase from its current price levels.
“Targeting around $50 for $LTC | $LTCUSD on high TFs,” he bullishly stated.
Targeting around $50 for $LTC | $LTCUSD on high TFs pic.twitter.com/ZMJDe1PAc0
— Moon Overlord (@MoonOverlord) February 3, 2019
One factor that could contribute to a surge in Litecoin’s price could be the Confidential Transactions feature that the LTC team is currently working to add to the cryptocurrency, which would increase the its privacy and fungibility.
Charlie Lee, the creator of Litecoin, discussed this is in a recent tweet, saying:
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy… I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions.
— Charlie Lee [LTC
] (@SatoshiLite) January 28, 2019
Although the overall crypto markets have been offering very few opportunities to traders in recent times, the bullish potential of LTC signals that there still exists a plethora of lucrative trading opportunities for cryptocurrency investors.
Featured image from Shutterstock.
The post Why One Analyst Sees Litecoin (LTC) Surging 47% Despite the Crypto Markets Remaining Gloomy appeared first on NewsBTC.
by Cole Petersen on February 05, 2019 at 05:30AM