There is still a lot of uneasy momentum keeping the cryptocurrency markets in its grip right now. One particular market successfully bucking the trend is Litecoin. This popular altcoin is slowly turning bullish, which can be seen from its current short-term Litecoin price increase. While it is unclear if that momentum will remain in place for very long, it is a welcome sight regardless.
Litecoin Price Starts Moving up Again
While Bitcoin itself is still trying to find its next support level to regain some lost value, other markets are not as patient whatsoever. That is a good sign, although it could also lead to some setbacks while trying to jump the gun. For Litecoin, things are looking relatively good right now, although there is still a long way to go prior to making this an official uptrend.
In the past few hours, the Litecoin price has risen by 2.6% in both USD and BTC value. It is pertinent for alternative markets to gain on Bitcoin as of right now, as that will help offset any USD losses triggered by the world’s leading cryptocurrency. For now, Litecoin has climbed above $47 again, although the push to $50 may not necessarily happen today. It is an interesting trend ahead of the weekend, though.
Litecoin enthusiasts on social media are trying to convey an important message these days. Blue Oyster is confident Litecoin is not designed to make anyone rich, which is a bit of an odd sentiment at this time. However, it is a currency which can provide financial freedom to all users, which is something that applies to Bitcoin and other top markets as well. Even so, it is good to keep one’s expectations in line with what may be achievable, rather than hoping for something which may never materialize.
#litecoin is not designed to make you #rich. It's designed to set you free.#paywithlitecoin #livewithlitecoin
— Blue Oyster Investments [Boston] (@TradeBlueOyster) March 1, 2019
When looking at the actual chart, however, it is evident there is not necessarily too much to be excited about right now. As there is more sell volume shaping up, combined with slowly weakening buy orders, there is a chance this uptrend will not remain in place all that long. However, one never knows how things will evolve in these markets, as cryptocurrencies remain unpredictable and volatile at all times.
What I am seeing on the #Litecoin Charts
– Sell volume moving in
– Decreasing buy side
– Broken 50EMA on 4HWe have been horizontal for a while now, I am just sitting on my hands until further conformation of my assumption. pic.twitter.com/YWdADq1i2G
— The Chart Connoisseur (@thechartconn) March 1, 2019
Tone Vays, while well-known in the cryptocurrency world, is not too happy with the Litecoin Foundation. He highlights how some of the previous collaborations with other projects have “scam” written all over them. Even so, it has not reflected badly on Litecoin itself, and all of those collaborations are seemingly in the past as well.
I agree, #Litecoin Foundation (The centralized entity in control of all things $LTC) has certainly entered into very "Scammy" practices by working with outright scams like $VRG & $TPAY.#Monero Centralized team has not yet started doing this for their survival.
— Tone Vays (@ToneVays) March 1, 2019
While it is true Litecoin still has a lot of overall trading volume, there will be a lot of resistance between the current price level and $50. That doesn’t mean there will be an automatic correction either, although no one should expect any miracles from Litecoin at this time. Some positive momentum prior to heading into the weekend is more than welcome, all things considered.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.