The Bullish Pressure in Litecoin (LTC), Fantom (FTM) Is Evident


The cryptocurrency market seems uncertain now, as crypto traders try to decide whether or not the bearish period in the market is over. After last year’s decline continued early this month, with Bitcoin reaching $40,000, and Ethereum reaching $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 within a tight range. But there are some digital coins, such as Litecoin and Fantom, that have been showing some decent buying pressure.

Litecoin Facing the 50 Daily SMA as the Whales Keep Accumulating

LTC is on the longest bullish streak since early November 

Litecoin has been showing weakness since September, missing out on 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 compared to other cryptos, which surged 5-10 times higher during that bullish period.

Litecoin was unable to hold its gains, and it turned bearish, losing more than half its value and falling to $121, according to my crypto broker. However, last week it showed buying pressure, as it reversed higher from the lows, and it has been grinding higher since then, breaking above the support/resistance level at $140, and now it is 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 while the market is still uncertain. This could be because of the upcoming MimbleWimble upgrade, which is attracting attention for LTC. Data website Santiment revealed some bullish on-chain metrics for Litecoin, with the number of whales accumulating in the longest streak 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 is the case with both main cryptos, since it is a lot more scalable, due to the DAG (Directed Acyclic Graph) technology. Transactions in Fantom have surged above Avalanche in the last few months.

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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