The cryptocurrency market seems uncertain now, as crypto traders try to decide whether the bearish period in the market is over or not. After last yea
The cryptocurrency market seems uncertain now, as crypto traders try to decide whether the bearish period in the market is over or not. After last year’s decline continued early this month and Bitcoin reached $40,000 while Ethereum reached $3,000, we saw an attempt to turn bullish early last week.
But, the bullish momentum didn’t last long for most of the market, and for about a week cryptocurrencies have been consolidating in a tight range. Although, there are some digital coins that have been showing some decent buying pressure, such as Litecoin and Fantom.
Litecoin Facing the 50 Daily SMA As Whales Keep Accumulating
LTC is on the longest bullish streak since early November
Litecoin has been showing weakness since September. missing most of the bullish momentum in the crypto market, apart from early November when it suddenly surged from around $200 to nearly $300, but that’s still pretty small when compared to other cryptos which surged 5-10 times higher during that bullish period.
Litecoin couldn’t hold the gains anyway and it turned bearish, losing more than half the value as it fell to $121 according to my crypto broker. Although, last week it was showing buying pressure as it reversed higher from the lows and has been grinding higher since then, breaking above the support/resistance level at $140 and now they are facing the 50 SMA (yellow) on the daily chart.
LTC/USD
This means that buyers are getting active in Litecoin since they are pushing higher when the market is still uncertain. This could be because of the upcoming MimbleWimble upgrade which is attracting attention for LTC. Date website Santimet revealed some bullish on-chain metrics for Litecoin, with the number of whales accumulating streak for the longest period since 2017. So, Litecoin remains bullish and it should head for $200 if the 50 SMA breaks soon.
Fantom Heading for New Highs
FTM made new highs for 2022 today
The Fantom network has been receiving increasing interest as a faster and cheaper alternative to Bitcoin for cash transfers and Ethereum for development platforms. Transactions in Fantom are much cheaper and faster than on both main cryptos, since it is a lot more scalable due to the DAG (Directed Acyclic Graph) technology. Transactions in fantom have surged in the last few months above Avalanche.
As a result, FTM/USD has been quite bullish for about a month, even when the market has been declining. It reversed from a low of $1.20 after the pullback in November and is now heading for $3.50 which would be a new record high for this cryptocurrency. We are long on FTM/BTC and are riding that trade.
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