Litecoin Has A Great Setup, Could Spark The Next Rally: Analyst

The cryptocurrency news and markets lately have been all caught up in the throes of volatility. Despite the fact that Bitcoin managed to get away from the $6,000 levels today and visit the $7,000 region again – with that dragging many altcoins upwards – there is still an overall bearish momentum felt everywhere around the market. As we can see in the altcoin news today, Litecoin has a great setup and is one of the cryptocurrencies which can put an end to the bearish narrative.

Well, this is at least what one analyst believes. With the exception of the market-wide recovery today, there is a volatile price action surrounding the market. This action has primarily favored sellers and the ongoing downtrend may be on the verge of reversing. Analysts are therefore placing their bets on different coins from the pool of altcoins and predicting a next market-wide green wave.

Big Cheds is in the analyst who is the focus of the Litecoin news now. As he noted, Litecoin has a great setup and the charts suggest that the coin could rise to new heights soon.

“$LTC Litecoin has the best setup of the 4 majors but its too early to knife catch unless you are wearing strong gloves,” he carefully examined.

$LTC Litecoin has the best setup of the 4 majors but its too early to knife catch unless you are wearing strong gloves$BTC $ETH $BCH pic.twitter.com/qPN8iTvvSU

— Cheds (@BigCheds) December 18, 2019

In spite of the entire potential bullishness, analysts are noting that Litecoin (LTC) is currently trading down marginally at a price of $40, may see slightly further downside before initiating a sustainable uptrend.

Scott Melker is another analyst who thinks that Litecoin has a great setup. He shared his thoughts on LTC and predicted that the cryptocurrency will correct to $32 and $34 before entering new positions and potentially a market-wide rally.

“$LTC (USD) I will consider buying this again between $32 and $34,” he said on Twitter.

$LTC (USD)

I will considering buying this again between $32 and $34. pic.twitter.com/cv8F61gRLw

— The Wolf Of All Streets (@scottmelker) December 17, 2019

In early 2019 and around the time when the crypto markets started their multi-month uptrend, we could see how Litecoin front-ran the gains seen by Bitcoin and many other altcoins. Litecoin has a great setup now and may do the same, according to Big Cheds.

“$LTC #Litecoin started the run last year, so maybe again this year who knows,” he pointed in another tweet.

$LTC #Litecoin started the run last year, so maybe again this year who knows https://t.co/VrgVCPc9qz

— Cheds (@BigCheds) December 18, 2019

The coming days and weeks will decide whether this is true and whether LTC is the “carrier of good news” as we liked to define it during the previous rally.