Litecoin Price Analysis Indicates Potential Golden Cross Formation Soon

The price of Litecoin (LTC) decreased from approximately $95 to below $85 in May, with a brief recovery to around $87 by late June after dropping under $80. A positive outlook has emerged regarding LTC's potential price movement.

Potential for Price Surge

  • Market Technician Tony Severino suggests that LTC could experience a significant rally based on a possible Golden Cross formation on its weekly chart.
  • A Golden Cross occurs when the 50-week moving average crosses above the 200-week moving average.
  • Historically, such formations have preceded substantial bullish trends.
  • Previous Golden Crosses in 2017 and 2021 led to price increases of 7,100% and over 380%, respectively.

If a Golden Cross materializes, it may signal a new all-time high for Litecoin.

Current Price Overview

  • Current LTC price is approximately $86.26, reflecting a 1.7% increase in 24 hours.
  • LTC has risen over 7% in the past week.