🌕 How Litecoin Exploded After Its First Two Golden Crosses — Will History Repeat?
Since its start to the month, Litecoin fell from roughly $95 to below $85 by May 31st. The cryptocurrency started June well, but it has struggled to sustain its bullish momentum throughout rallies.
Following its June 22 drop below $80, Litecoin is now trading at $87. Interestingly, a new pricing prognosis predicts a stronger bitcoin future.
Chartered Market Technician Tony Severino posted an intriguing Litecoin price analysis on X. LTC's price might explode in the next weeks, according to the crypto expert.
The Litecoin weekly chart may create its third Golden Cross, which supports this optimistic prediction. A bitcoin Golden Cross happens when a 50-week moving average crosses over a 200-week moving average.
Golden Cross patterns frequently herald long-term bullish market developments. Severino thinks Litecoin is weeks away from its third weekly Golden Cross.
Severino noted the two Golden Crosses following large market rallies. This chart anomaly first showed on the Litecoin weekly period following a 700% rise from 2017 lows. The LTC rose 450% from its local trough before the 2021 second Golden Cross.
Each time the Golden Cross showed on the chart, Litecoin rallied. LTC rose 7,100% from $5 to $360 in 2017. After the 2021 Golden Cross, the cryptocurrency rose 380% to $410, its all-time high.
Litecoin may achieve a new high on its next leg up if the Golden Cross occurs, according to history.
