The cryptocurrency market space is starting to turn bullish in the course of the European session after the bears dominated the Asian session. The drab action follows a recovery from the week’s low at $6,466 (also intraday low). The fall to this level occurred after buyers failed to sustain gains above $6,900 let alone break the critical resistance at $7,000.
Litecoin (LTC) hit the intraday high at $43.75 amid strong recovery across the cryptocurrency market. The coin has retreated to $42.65 by press time; however, despite the retreat, it is still 9% higher from the start of the day. Litecoin is the 7th largest digital asset with the current market value of $2.7 billion and an average daily trading volume of $4.6 billion.
The cryptocurrency market has been treated to volatility during the European session on Thursday. The Asian session earlier in the day was mostly bearish as sellers extended their action from the American session on Wednesday. EOS, after being rejected from $2.80 failed to find support at $2.40. However, a weekly low formed at $2.30 kept the selling pressure at bay in readiness for the ongoing bullish momentum.