Litecoin price analysis: LTC/USD finally charts golden cross

LTC/USD went up from $56.34 to $58.84 this Friday.
LTC/USD charts golden cross as the 50-day simple moving average (SMA 50) crosses over the SMA 200 curve, which is a strong buy signal.

Rajarshi Mitra Independent Analyst

LTC/USD went up from $56.34 to $58.84 this Friday. The immediate goal for bulls is to break into the $60 zone, which it hasn’t done since October 2, 2018. It looks highly likely that LTC/USD will be successful in doing so as it was able to chart the golden cross finally. After weeks of teasing, the SMA 50 curve finally crossed over the SMA 200 curve. This happens to be one of the most reliable buy signs in technical analysis.

LTC/USD daily chart

The market had a bullish breakout from a flag formation. The immediate goal for the market is to breach the $60 level and then aim for the resistance at $65. The market is already at the highest level it has been in since October 10, 2018. The relative strength index (RSI) curve is creeping along the overbought zone and the Elliot Wave Oscillator shows that the last bullish session was strong enough to reverse the histogram from bearish to bullish. The Ichimoku indicator indicates that the market is going to remain bullish in the near future.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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