- Litecoin LTC is forming a golden cross pattern.
- Litecoin LTC price is up by 85% since January.
- A correction to the $60 levels is likely for Litecoin LTC
Litecoin news today – the upward price movement in the crypto market in the last few weeks has been led by the large-cap altcoins. Altcoins like Litecoin and Ethereum have made massive gains since January 2020. Litecoin has gained 85% since January 2020. The actual catalyst behind this type of huge hike in prices since January used to be attributed to BTC’s uptrend. However, this year the case has been different. LTC led the market at some point. Other assets gained while BTC struggled in the early days. No wonder the gains posted by BTC since January are comparatively lower.
Litecoin LTC Price is Approaching the Golden Cross
LTC price prediction – The altcoin on focus today, LTC, is reportedly moving near the cross in between the 50-day and 200-day Exponential Moving Average (EMA) via a daily scale. However, the confluence that comes before the golden cross pattern often results in a fake-out near the point of contact. On the swing trade ideas, one leading derivatives and digital currency traders, TraderSZ the below tweet:
“Looking at 205 for support. We will see how the price of LTC behaves if we get to that point here to load into LTC/USD it would be okay with a pullback to 195. For a clean smash below the high point from last month, we can take a step back from longs and lowers. The 50-day moving average via the 4-hour chart at $210 could act as a crucial support area in case of a price drop.”
Secondly other popular derivatives and crypto trader, TraderXO has suggested that the local highs will likely drive altcoins like LTC and ETH higher against BTC. The chances of higher rises in the price of altcoins distribute portions of the gains and investments from BTC. Hence, while altcoin gain may be larger, the fall is also disastrous. Additionally, the continuation of the bulls in Bitcoin is essential as well.
Will Litecoin [LTC] Reach its Bullish Targets?
Similarly, via the Litecoin daily chart, the 50-day and 200-day EMAs are approaching a golden cross. However, the price trend in LTC is currently bullish. The break above the head and shoulders pattern via the lower time-frames will keep the $90-$92 price points in place. The chance of a correction at the $60 level is likely for LTC if a correction of the entire crypto market begins.
Litecoin (LTC) Price Today – LTC / USD
The recent series of upward price movements for altcoins concerning the action of Bitcoin will seek support over the 0.006 BTC position for the chances of disrupting a bullish invalidation.