- Litecoin has seen a bit of a rally over the last couple of months, just as we have seen in other crypto markets.
- All things being equal, Litecoin typically will follow the trajectory of Bitcoin, although at a much lower pace.
- Ultimately, this is a market that seems to be struggling with the idea of $100, so we can break above there I think it’s very possible that we start to see momentum jump into the market and we get a bit of “FOMO trading” coming into the picture.
Litecoin Continues to Rise
Regardless, the one thing that you see on this chart is that we continue to rise in value. The last couple of days have been a little bit choppy, but at the end of the day it is still a very bullish market. We recently seen the Golden Cross, with the 50-Day EMA breaks above the 200-Day EMA, a longer-term “buy-and-hold” scenario. Ultimately, this is a market that I think continues to see a lot of momentum chasing, but you can do so little easier than you can with bitcoin, due to the fact that it’s a cheaper contract.
If we can break above the $106 level, I think Litecoin has a real shot at going much higher, perhaps reaching toward the $125 level. Underneath, the 50-Day EMA, sitting right around the $80 level, should be your support. I don’t have any interest in shorting crypto at the moment, and that of course includes Litecoin. Whether or not we get any adoption into crypto when it comes to the real world is a completely different question altogether, but right now it certainly looks like nobody cares. This is all about chasing hot money, so therefore you have to trade with the momentum. Ultimately, this is a market that given enough time should continue to see a lot of inflows, but it doesn’t necessarily mean that we will go straight up in the air. Make sure to watch her leverage, because crypto of course can be extraordinarily volatile, but it’s obvious that we only have one direction right now.
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