Bitcoin’s firm 2020 uptrend has allowed major altcoins to incur some much-needed momentum, with many major cryptos currently pushing up against key multi-year resistance levels that have been suppressing their price action for years.
This positive price action over the past month may be enough to break the firm bear market that altcoins have been caught within and lead some major cryptocurrencies – like Litecoin and others – to see some massive momentum.
Altcoins Begin Breaking Key Resistance Levels as the Crypto Market Shows Signs of Bullishness
Most major cryptocurrencies have been closely tracking Bitcoin’s price action over the past several days and weeks, which means that they have largely seen decent sized gains over the past 24 to 48 hours.
Currently, Ethereum is trading up just over 1% at its current price of $176, which marks a notable climb from recent lows of $170. Litecoin has also posted some slight gains today, climbing 1% to $60.
Over a multi-day period, most altcoins have incurred significantly larger gains than what is reflected in their 24-hour price action, as the bulk of yesterday’s uptrend occurred over 24-hours ago.
This momentum may extend significantly further, however, as analysts are now noting that major altcoins like Litecoin are on the cusp of a notable breakout, with LTC potentially climbing from its current price of 0.006 BTC to 0.008 BTC.
Smokey – a popular cryptocurrency analyst on Twitter – spoke about this possibility in a recent tweet, saying:
“LTC | BTC | Daily TF: Planning on longing LTC if it breaks out and retests .006890. Decent upside from there to nearly .008.”
$LTC | BTC | Daily TF
Planning on longing LTC if it breaks out and retests .006890
Decent upside from there to nearly .008 pic.twitter.com/zyKHQjB8Wg
— TraderSmokey (@SmokeyXBT) January 28, 2020
Are the Crypto Markets About to Break Their Multi-Year Bear Trend?
Litecoin isn’t the only major altcoins currently poised for a major breakout.
Bob Loukas – another well-respected crypto analyst – explained in a tweet that although it is still too early to say for certain, it does appear that the altcoin markets are on the brink of breaking their multi-year downtrend against their Bitcoin trading pairs.
“Relative to #Bitcoin, the Alt’s have been in almost 2 year bear market since early 2018, soon after the Bitcoin/USD bubble top. Early Days yet to call, but seeing some signs of possible end in bear market for Alt’s,” he explained while referencing the charts of multiple notable altcoins like Litecoin, EOS, and Ethereum Classic.
Relative to #Bitcoin, the Alt’s have been in almost 2 year bear market since early 2018, soon after the Bitcoin/USD bubble top.
— Bob Loukas (@BobLoukas) January 27, 2020
How the markets trend in the coming several weeks should provide deep insight into how they will trade throughout the rest of 2020.
Featured image from Shutterstock.
Author: Cole Petersen