Litecoin, known as the ‘digital silver’ compared to Bitcoin, has been relatively quiet in the past few years.
Its last notable moment was in 2023 when its halving event took place, since then the cryptocurrency has been trading below $100 as the overall crypto market has not stabilized.
Now the currency is close to forming a rare technical signal, the golden cross, that is generating excitement among investors.
A golden cross is formed when the 50-week and 200-week moving averages cross each other, signaling the start of a bull market.
This has only happened twice in Litecoin’s history, once in 2017 and the second time in 2021.
On both occasions, its price increased dramatically, the first time by 700% and the second time by 450%.
Renowned crypto analyst Tony “The Bull” Severino has emphasized the importance of this signal and described the current situation as similar to previous occasions.
The analysis also revealed that the price increase usually begins before the completion of the golden cross, so it is possible that Litecoin is close to another major price increase.
Although the intensity of the current relay may be less than the previous relay, it is still possible to increase by more than 200%, which will lead to the price exceeding $200.
If it increases in the manner of 2017 or 2021, the price could reach $300 or even $500.
The current price of Litecoin is around $87 and if this prediction proves correct, the cryptocurrency can see a significant improvement in the coming days.
This golden cross signal can be promising for investors and those interested in the crypto market.
This is news, this is analysis,
It can be wrong and right!
So remember that this is not financial advice, if you are interested in investing in the crypto market, then do complete research first, then buy.