Bitcoin is aiming for $17,000 in support, while LTC is following a pre-halving narrative and ETH is slightly positive in its BTC pair.
The price of cryptocurrency has been volatile in recent months, but some green shoots are beginning to sprout.
While Bitcoin’s price remains in a downturn, it has just found support at $17,000, and ping-pong price action in the $16,700-$17,300 region appears to be allowing traders to investigate some interesting setups in a few altcoins.
As a spinoff of Bitcoin, Litecoin tends to turn bullish some months before its reward halving, as it did in 2015 and 2019.
Litecoin’s next reward halving is in 237 days, and it appears that the altcoin is experiencing some pre-halving buzz. Since November 6, LTC has gained 58.6%, and it is beginning to duplicate the triple price activity seen in past halvings.
The Guppy Multiple Moving Averages (GMMA) signal on the daily time period has also turned green, which is unusual.
LTC continues its tendency of higher lows, consolidation, and bull flag breakouts, which are subsequently followed by further consolidation, according to technical research.
If LTC maintains its current market structure and continues to ride along the 20-day moving average, its price might rise to the $100-$125 range before halving.
The price movement of Ether against the US dollar and Bitcoin raises eyebrows, especially given the status of the broader market.
Despite this bullish outlook, ETH’s price could be influenced by red flags such as Ethereum blockchain censorship, US Office of Foreign Assets Control compliance, ETH’s performance in its supposedly deflationary post-Merge environment, and concerns about the possibility of the US Securities and Exchange Commission and Commodity Futures Trading Commission changing their minds about Ether being a commodity.