Litecoin might be on verge of long-term reversal thanks to this fundamental signal
The digital silver which has been showing impressive performance throughout November may bring another surprise to the investors by ushering in a strong rally of 70% for the Golden Cross, one of the most powerful technical signals in the market.
The golden cross is an upward movement of the 50-day moving average that pierces through the 200-day moving average. Usually, that signal shows a trend reversal on the market and leads to a strong price rally.
The last time a golden cross was underway in Litecoin, the price of LTC shot up by almost 70%. The same signs we’re seeing now could fuel another phase, especially after a productive November.
In the last 30 days, Litecoin has gained more than 20% to its value, becoming one of the strongest assets across the market. Some experts and analysts assumed that Litecoin’s halving could be the main reason behind the explosive price performance.
Despite the fact that the event is expected to take place around August 2023, traders and investors are already pricing in changes to LTC’s block structure. Historically, it is a common turn of events for cryptocurrencies to enter an uptrend months before the halving.
Bitcoin has been doing so since 2012. Around six months ahead of the fact, the digital gold has been entering stable or volatile rallies and gaining up to 70% to its value ahead of the rewards reduction.
Litecoin could follow the same trend and bring significant income to investors if it is not heavily leveraged by short-term traders and investors. At press time, LTC is trading at $76.42 and has gained 0.2% in value over the past 24 hours.
