On Friday at the press time, Bitcoin was in search of strong support to maintain the current price of $17k while ETH and Litecoin lead the way as their price spiked.
ETH and Litecoin both were bullish on their pairing with Bitcoin (BTC). Over the past few weeks, the price pattern of cryptocurrencies has been rough and volatile.
Not a single crypto coin has managed to hold firm ground and price stability has been the biggest concern for analysts.
As a result of the volatility some investors have frozen their investors and others have decided to invest in the derivatives.
Ethereum blockchain demand has decreased as the result ETH has also gone inflationary
Following all these negative developments, Friday was the day that has finally given some hope to the cryptocurrency market and investors as Bitcoin maintained its price at $17,000 and ETH and Litecoin were on the rise.
Even though this rise is likely to be the short-term and market is still dominated by the bears, the current development is the hope for a better 2023.
Amid Friday’s outcome analysts have argued that now is not the right time to invest in Bitcoin and Ethereum. Investors need to reject the current selling pressure and hold their digital assets until the New Year starts.
Market dynamics can be rapidly shifted in the favor of bulls with the start of 2023.
A Look at the Various Price Patterns for Various Cryptocurrencies
As Bitcoin was stable on Friday, Litecoin was purely bullish as its price reached the $76 .56 mark, this was the replica of its price range from 2015 to 2019.
However, the past month’s data shows that Litecoin has outperformed almost half of the digital currencies that exist at the very time of this writing.
From Nov, 5 till now, Litecoin has experienced an overall price increase of 58%. The crypto coin has now started to show signs of triple price action.
The GMMA indicator of daily price movement has also turned green for Litecoin. It is quite logical to say that Litecoin has peaked at the right time.
If technically speaking, the recent price hike of Litecoin is an indicator of higher or lows.
ETH Finds Its Own Range Moving Forward
The current ETH/BTC pact finds its own price range on Friday at the press time. The current thrashing is a positive sign for many. The GMMA indicator for ETH/BTC duo is in the extreme green region as of now.
This has been the first time since August 8, 2022, that ETH/BTC has moved into the green region. Despite this short-term bullish run of ETH/BTC, there is no denial in the fact that ETH’s price in the open market can be dominated by the bears and red flags.
ETH’s price is also in the post-recovery phase since the platform has declared that ETH has gone inflationary.
However, ETH is finding it extremely hard to hold the resistance level at $12k. It can take ETH the first half of 2023 to recover fully from the current performance paradox.
The crypto winter of 2022 has surpassed all the previous crises in terms of damage as many of the crypto market’s biggest names are on the brink of insolvency.
After all these ups and downs the market has finally shown some positive indicators. Analysts have argued that if Bitcoin managed to hold its current price for a few more days, it will empower the Bulls against the bears.
As more than 1 million crypto wallets are either holding 1 or more than 1 Bitcoin (BTCs) investors are praying that Bitcoin will hold its ground.
Market analysts do believe that at times when the cryptocurrency market is surrounded by so much negativity it is hard to say what will be priced for top cryptocurrencies for the months to come. That’s why holding to the current highs is important.