Despite not always having a good time, Litecoin is still there seventh cryptocurrency in terms of market cap. The future, for the currency, could also reserve far more than a few pleasant surprises, and there are several analysts who say that Litecoin may have hit rock bottom and that therefore new highs are coming.
Recall that during the start of the 2019 rally, Litecoin led the rest of the cryptocurrency market in taking stock of the situation and kicking off what would ultimately be a massive 500% rally for altcoin.
The recent rise of interest in Litecoin is due tohalving on the asset, but a wave of sales before that event put an end to that rally, with Litecoin returning to a new high above the end of 2019.
Now, according to a well-known cryptocurrency analyst in application of Elliott's theory of curves, Litecoin would have just finished an ABC correction after a five-wave impulse upward.
If so, Litecoin would theoretically be ready for another five-wave surge, this time setting another new high, and potentially the highest high since the cryptocurrency market hit rock bottom in December 2018.
As the analyst points out, Litecoin often leads the market in establishing trend reversals, and therefore the fact that it has reached the bottom and has resumed its upward trend would mean that also Bitcoin and the rest of the asset will do it soon. Such a move would likely catch the market by surprise, as fears about the impact of the coronavirus and the impending economic downturn keep prices at bay cryptocurrency.
We'll see if, in the next few days, it will actually be so ...