The top cryptocurrency markets are not necessarily performing as expected. That is completely normal behavior when Bitcoin turns ever so slightly bearish once again. It puts a lot of strain on other top markets, although the Litecoin price is still doing its own thing. Sustaining this current upward momentum will be a bit troublesome, but so far, there is no reason to panic.
Litecoin Price Stays Above $60 for now
It is evident Bitcoin leads the dance when it comes to determining the perceived value of alternative cryptos, tokens, and assets alike. This year, however, Litecoin has shown to not be too bothered by Bitcoin’s momentum when things get sour. It still benefits from a bullish BTC run like every other market, but the altcoin can stand on its own two legs without major issues. Today is another interesting example in this regard.
To put this in perspective, the Litecoin price has gained 1.8% in USD value and 2.14% in BTC value. It is especially this latter aspect which triggers some cautious optimism. Sustaining gains over Bitcoin is crucial to ensure the USD value doesn’t plummet right away. For now, one LTC remains at a value of $60.87, although it seems further gains may be difficult to achieve.
It would appear the traders and speculator son social media do not favor Litecoin’s chances at this point. Bully the Bear, for example, expects “heavy dumps” to materialize in the hours to come. So far, the market has not shown any real signs of weakness, although one never knows if that might be a mirage. Calling for heavy dumps seems a bit odd at this point, however.
— Bully The Bear (@Bully_TheBear) March 23, 2019
A similar sentiment is echoed by Frenchy’s Crypto Charts. This user sees a problematic near-term future for the LTC/BTC chart, although it remains to be seen if these predictions carry any real weight. A drop to 0.0135 BTC would not be that problematic for Litecoin by any means. It would represent a near 10% decline, though, which seems rather steep given the current trading volume and overall momentum.
🧱 LTCBTC Has Hit a Wall
📉 Large Cluster of Weekly Candles Above
📉 RSI Just Overbought and Turned Over
⚠️ SRSI Coiled Up and Overdue for Downside
🎯 Next Likely Support: 0.01350 BTC
— Frenchy's Crypto Charts (@FrenchysCrypto) March 23, 2019
For those traders who want to get the most bang for their buck, an interesting triangular arbitrage opportunity involving Litecoin has appeared. With a potential profit of just over 49%, there is a lot of good money to be mad. That is assuming there will be sufficient liquidity across all of the involved exchanges. Kraken and Binance should pose no problems, but Livecoin is usually a very different story.
— KoinKnight (@KoinKnight) March 23, 2019
All of these signs seem to indicate Litecoin is successful in bucking the bearish trend at this time. Even though traders and speculators expect this uptrend to collapse fairly soon, there is seemingly no indication those predictions will come true. As the day progresses, however, there can always be unexpected changes which cause a ripple effect.
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.