Cryptocurrency markets are continuing to recover strongly, as bullish conditions have carried over from August into September.
Nowhere is this more pronounced than in the market for cryptocurrency Litecoin, the seventh largest cryptocurrency by market cap. Regarded as a cryptocurrency for payments alternative to bitcoin, Litecoin has regained ground it had lost earlier in the year, amidst the wider correct in cryptocurrency markets.
Earlier this week, Litecoin scratched $68.59, its highest price point since the beginning of August. At the time of writing it had pulled back to around $62, but analysts are now saying they expect Litecoin to find support above $69.00 in the immediate future, which would bring it back into line with pricing as at November 2017.
After November 2017, Litecoin exploded with the wider boom in cryptocurrencies, touching $340.00 in December. Since then, bearish sentiment around cryptocurrencies has dragged the price down, bottoming out at $55 in early August.
Technical analysis indicators now suggests the market could be set to continue its upwards trajectory, at a time when cryptocurrency across the board appear to have turned a corner.
In the case of bitcoin, the world’s largest cryptocurrency, prices have rallied some 20 points from August lows of around $6,000, and at the time of writing, BTC was trading at $7,006 – roughly where it was at in the run up to November 2017.
In general, cryptocurrency markets are experiencing a boost, through a combination of clarifying legal issues in some markets, and the increasing applications and use cases for crypto.
Further, as cryptocurrencies become ever more warmly embraced by institutional investors and corporate entities, they are likely to continue to benefit from upwards price pressure, along with more stable markets.
Another indicator, the MACD histogram, has turned in bitcoin’s favour this past week, confirming several other data points that seem to suggest a longer-term bullish outlook is emerging.
However, it remains to be seen whether this means bitcoin, litecoin and the cryptocurrency sector is headed anywhere near the highs of late November and December 2017.