Litecoin is in recovery, but will it last?
Litecoin’s price action over the past few months has been nothing but a series of unpredictable ups and downs given its independent movement in the market. While the entire industry is dealing with the FTX explosion, LTC is comfortably hitting new local highs. Unfortunately, things have changed.
After almost breaking the $80 resistance level, Litecoin quickly descended from the local high and rushed down to the local support level, not finding enough time to form a golden cross technical signal that would have attracted additional investors.
But despite a subdued performance over the past two weeks, Litecoin has successfully bounced off local support levels and reached the $65 range, which could be the first level the digital silver conquers, creating a 50-day high. A retracement above the moving average is possible. ,
The golden cross we mentioned above would also be an important addition to Litecoin’s uptrend. Unfortunately, for us to witness one of the most bullish signals in the technical analysis, Litecoin would need to climb back above the $70 price level, which will not be possible without millions worth of inflows to the cryptocurrency.
As we previously covered, the main reason behind Litecoin’s mysteriously strong performance was that the cryptocurrency has reached the mid-halving timeline, which has traditionally been a starting point for long-term uptrends. That is until the halving, when most investors take it. Their profits
Unfortunately, due to existing market conditions, Litecoin would need far more support from investors to maintain an uptrend, while 99% of the cryptocurrency market is tanking. At press time, LTC trades at $65.
