Ethereum and Litecoin Poised for Major Rally This Week

The post Ethereum and Litecoin Poised for Major Rally This Week appeared first on Coinpedia Fintech News

As Bitcoin (BTC) price registered a weekly close above $100,000 for the first time since its inception, the altcoin industry is gradually gaining bullish momentum. The total altcoin market cap has rallied more than 80 percent in the last five weeks to hover about $1.57 trillion on Monday, December 9, during the earlier Asian session.

The spot Ether ETF issuers led by BlackRock’s ETHA registered the highest cash inflows since its inception of more than $836 million. As a result, more altcoins have already signaled an imminent bullish breakout toward price discovery in the near term.

Ethereum Price Ready for New ATH Soon

Ethereum (ETH), the leading altcoin with more than $78 billion in total value locked (TVL) and over $106 billion in stablecoins market cap, has rallied over 60 percent in the past five weeks to retest crucial resistance level around $4k. The altcoin cap altcoin, with an FDV of about $475b and a daily average traded volume of around $22b, has already broken out of a multi-year falling logarithmic trend, thus signaling the onset of a new rising channel.

From a technical analysis standpoint, Ether’s price is attempting to follow the 2017 bull cycle, catalyzed by whale traders. 

Litecoin (LTC) Bulls Summoned to Awakens 

Litecoin (LTC), a veteran altcoin secured via a Proof-of-Work consensus mechanism and with more than 7.8 million on-chain holders, has signaled the onset of its much-anticipated bull run. The mid-cap altcoin, with a fully diluted valuation of about $11 billion and daily average traded volume of over $1 billion, has consistently closed above the resistance level of around $111 in the past two weeks. 

As a result, Litecoin’s weekly Relative Strength Index (RSI) has rallied above the 70 percent level for the first time since May 2021, signaling the bulls are in control. Moreover, the Litecoin network has accumulated more bullish sentiments in the past six years of horizontal consolidation including two halvings and major institutional adoption.