Litecoin (LTC) could lead the cryptocurrency market’s next rally, says analyst

The cryptocurrency market has been generally on a downtrend in recent months. Naturally, investors are on the lookout for signs of the next market-wide rally.

While Bitcoin has been considered as the market’s benchmark, some analysts believe that it won’t be the cryptocurrency that would lead to the market’s next climb. Rather, some people are looking at Litecoin (LTC) as the next trigger than could act as the spark needed for the industry to start its next rally, according to Newsbtc.

However, it might still be too early for investors to make a move at the moment. According to the popular cryptocurrency analyst Big Cheds, the token’s price needs to still go down further for the timing to be perfect.

“$LTC Litecoin has the best setup of the 4 majors but it’s too early to knife catch unless you are wearing strong gloves,” Big Cheds posted on Twitter.

Other analysts also agreed with Big Cheds’ assessment. Many would prefer Litecoin to trade at lower prices because by then, its price uptick would be more sustainable.

Cryptocurrency trader and analyst Scott Melker share the same projection. In fact, he pointed out Litecoin’s price range that he considers as the perfect entry point. “$LTC (USD) I will consider buying this again between $32 and $34,” Melker said.

As pointed out by Big Cheds, it won’t be the first time that LTC would lead the pack. It led the most recent multi-month uptrend so it won’t be impossible for Litecoin to do it again.

“$LTC #Litecoin started the run last year, so maybe again this year who knows,” Big Cheds added.

The perfect timing that these analysts have been looking for might be fast approaching. In its recent report, FXStreet noted that the cryptocurrency’s price has been declining lately.

“Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.3 billion, has been losing ground rapidly,” FXStreet wrote. “LTC/USD has lost about 6.5% of its value in recent 24 hours to trade at $37.11 at the time of writing.”

Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.3 billion, has been losing ground rapidly. LTC/USD has lost about 6.5% of its value in recent 24 hours to trade at $37.11 at the time of writing.