Litecoin gets a buy rating on a technical basis: Fundstrat

  • Litecoin surges above $120 and $125 levels to levels close to $150.
  • Bitcoin has the potential for another bull rally; could ignite gains across the board.

One of the leading research companies, Fundstrat Global Advisors is reported to have good news for both Litecoin and Bitcoin investors. The firm’s technical analysis suggests that Bitcoin will lead the market in the next rally. Moreover, the cryptocurrencies whose prices follow Bitcoin’s actions will experience the surge as well.

A report via Bloomberg, Fundstrat’s technical analyst Rob Sluymer notes:

“Another upside attempt appears to be developing for most cryptocurrencies. Increase exposure.

We expect Bitcoin to stage another rally from current levels toward next resistance between $8,800-$9,000.”

Sluymer is a respected analyst in the crypto industry due to his track of predicting Bitcoin’s crash towards the end of 2018 at the time BTC was trading around $5,500. He also gave Bitcoin another buy signal in May this year saying that that it was about to take off to new 2019 high on the basis of long-term technical trends.

While commenting on Litecoin incredible performance this week, the analyst said that LTC has “just rallied through resistance near 121 and is approaching next resistance at 145.”

In 2019, Litecoin has shot up 350% to trade close to $150 making it among the best performers in the crypto market.

“All you Litecoin fans must be happy about LTC breaking the current resistance on the daily

$125 has now flipped to support

Wouldn't be surprised if LTC made it's way up to $150 which will be strong resistance on the weekly and psychological take profit area,” Josh Rager said via a tweet."

 

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