- Litecoin LTC is showing bullish signals
- Litecoin LTC is signaling strong buying
- The signs are good for the crypto sector
Litecoin news today – Despite the recent brutal retracement, one top digital currency analyst is now bullish on Litecoin price action. The crypto commentator has cited a range of technical factors as reasons for his conclusion. While this might seem irrelevant to most readers. However, the next action that LTC takes could have a very strong effect on the entire crypto market including Bitcoin.
Litecoin (LTC) Price Today – LTC / USD
Litecoin LTC Price Posts Strong Buying Signals
The LTC price pullback and the entire cryptocurrency market has not fazed analysts. No wonder one of them is bullish about Litecoin’s price action. One popular analyst called Byzantine General is highly positive about the chances of Litecoin price. He has now predicted that the price of Litecoin has gained 95% this year. Giving his long-term analysis of LTC price the analyst cited four technical factors that suggest that LTC’s long-term price action is looking highly bullish. Here are his suggestions:
- The one-week MA CD pattern for LTC/USD is now bullish and includes a positive cross.
- The weekly Ichimoku Cloud has entered the bullish side.
- The Litecoin price recently flipped one major resistance position into a support area week.
- The weekly LTC support-trend has become bullish as well.
- The Prediction is Good for the Crypto Market
Readers who are not LTC traders wondering why the prediction is important. Well, one correlation has formed in the past year where Litecoin’s price movement is later reflected in BTC which then causes the entire crypto market to move. One memorable case of such an incident was in early 2019. At the time LTC price suddenly began surging higher just months to its block halving. For many weeks, the coin rallied alone and gained dozens of percentages week-on-week because the market was flat. However, Bitcoin started moving in the pathway blazed by Litecoin.
Additionally, the LTC price front-ran BTC only a few weeks back when it suddenly managed to break higher as the BTC price was stagnating. However, Bitcoin followed the asset a lot higher only days later. Litecoin’s ability to move ahead of the rest of the digital currency market is important. The reason is that this action suggests that if the LTC price starts its rally from here, going by the above-mentioned technical factors, Bitcoin will likely do the same. There is also been talk about the Litecoin price action pre-halving potentially predicting the way BTC will fare afterward.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.