Yesterday was an incredibly positive day for the crypto markets, as many cryptocurrencies were able to erase several weeks of losses in a matter of mere hours. Litecoin led yesterday’s surge and was able to skyrocket 30%, which led LTC to claim the fourth most valuable spot by market capitalization.
Because the markets have been able to maintain nearly all of their recent gains thus far, analysts now expect the markets to maintain their upwards momentum in the week ahead.
Crypto Markets Trade Flat Following Recent Pump
At the time of writing, most major cryptocurrencies are trading up or down marginally, with Ethereum and XRP trading down 0.2% and 1.4% respectively, while Litecoin has climbed 1.7% to its current price of $43.60.
Litecoin was the leader of yesterday’s crypto market surge, as it skyrocketed from lows of $33 to highs of $43, from which it has only dropped slightly.
As reported by NewsBTC yesterday, analysts had expected LTC to face resistance around $43, which has proved to be a difficult price point for the cryptocurrency to break decisively above.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, explained to his followers that he was selling his Litecoin at $43, and waiting for further price action to develop before entering any new positions.
“But volume is really quite lacking on this move and a 50% retracement of a falling wedge is already a lot to to [sic] ask for… For now, I’m not looking for longs until further price action. Selling my $LTC here at $43,” he noted.
MUCH nicer. But volume is really quite lacking on this move and a 50% retracement of a falling wedge is already a lot to to ask for.
— The Crypto Dog? (@TheCryptoDog) February 8, 2019
Today, another popular cryptocurrency analyst on Twitter – Mitoshi Kaku – explained that he was entering a short position in LTC following its recent pump, which may signal that the cryptocurrency needs to drop further before continuing its bullish move upwards.
— Mitoshi Kaku ?? (@CryptoSays) February 9, 2019
Crypto Markets Likely to Continue Moving Upwards
Although the markets have slowed their upwards ascent today, analysts still expect them to continue climbing higher in the near future.
Instinct, a popular cryptocurrency analyst on Twitter, noted that he would start aggressively buying each dip for Bitcoin, Ethereum, and Litecoin, over the next few days, with the intention of selling them at higher prices in a relatively short-time frame.
“Most large caps made decisive S/R flips today on high volume. I’ll be in aggressive dip buying mode for the next few days expecting more expansion upwards… Areas in green I’ll be buying, areas in red I want to sell… $LTC $ETH $BTC,” Instinct explained.
Most large caps made decisive S/R flips today on high volume. I'll be in aggressive dip buying mode for the next few days expecting more expansion upwards.
— Instinct (@instinctmarkets) February 9, 2019
How the markets trade throughout the weekend will likely give traders greater insight into whether or not bulls will be able to sustain the upwards trend that was sparked by yesterday’s rally.
Featured image from Shutterstock.