Not so long ago, crypto prices began to change course from bearish to bullish. One worthy mention is the bullish match spearheaded by Bitcoin on April 2. Despite this new swing of bullish momentum, questions still remain in the crypto space. The reason for this is that the bullish momentum hasn’t been sustainable. The price of Litecoin and other altcoins have been fluctuating. Now Tom Lee who serves as the co-founder and head of research at Fundstrat has decided to weigh in on the matter.
According to Lee, a drop in the correlation between BTC and altcoins indicates that the “alt season or bull run has begun already. The Fundstrat executive believes that the new wave of bullish sentiment will push the value of the overall crypto market by 1,100% in coming months or years. Lee arrived at this by averaging the percentage of gains collectively recorded by altcoins in the most last crypto bull run.
Litecoin (LTC) Price Today – LTC / USD
Should we expect the next crypto bull run to be stronger than that from the past? Only time will tell. However, going by Lee’s calculations if the right factors are in place we should expect a better crypto bull run. Let’s see how the price of Litecoin has faired in the last 24 hours.
Litecoin Price Prediction: The Price of Litecoin Should Enter Bullish Territory if it Breaks the 12 and 26-day EMAs
However, if the bulls break above the 12-day EMA and the 26-day EMA, the crypto’s price will be in the bullish trend zone to retest the previous highs of $82, 92 and $96 resistance levels.
Should the bulls fail to break above both EMAs, the price of Litecoinwill continue in a range bound movement.
Litecoin Price Prediction: The Price of Litecoin is Bearish in the Medium-term
The price of Litecoin was bearish on the medium term yesterday. The LTC price was ranging following its fall to $75.95. The price of Litecoin ranged and tested the 12-day EMA. The bulls will make another attempt at moving above the 12-day EMA. As of press time the price of Litecoin is trading at $78.6 according to data given by CoinMarketCap.
Should the bulls break the 12 and the 26-day EMAs, the price of Litecoin will be bullish and retest $82, 92 and $96. If the bulls don’t break above both EMAs, the price of Litecoin price will continue its range-bound pattern. Meanwhile, the MACD and the signal line are under the zero pattern indicating a sell signal. If the price of Litecoin is below both EMAs then it will be bearish.
Litecoin Price Prediction: The Price of Litecoin is Ranging in the Short-term
Looking at the 1-hour chart of the LTC/USD pair, the price of Litecoin can be seen in bearish territory. The price of Litecoin is fluctuating just below and above the 12 and 26-day EMAs. Both EMAs are in horizontal mode indicating that the price of Litecoin is moving sideways.
However, should the bulls succeed in breaking above both EMAs and the price of Litecoin is sustained above both EMAs, LTC’s price will reach $82 which is a high point. The MACD and signal lines are below the zero pattern indicating a sell signal. Therefore the price of LTC is below both EMAs and in bearish territory.