Litecoin (LTC) has been rebounding steadily over the last few days. The altcoin has in fact surged by 4% over the last week, paring some of the losses we saw during the market-wide slump. But even with these bullish signs, LTC is still firmly in the bear market territory and could remain there for a while. But should you still buy it? Here are some highlights first:
Although LTC has surged above its 25- and 50-day exponential moving averages, it is still well below its 200-day EMA.
Broader sentiment in crypto is yet to rebound steadily, something that poses a huge downside risk for LTC.
Litecoin must surge past crucial resistance of $150 if any sustained bullish uptrend is seen in the near term.
Data Source: Tradingview.com
Litecoin (LTC) – Price prediction and analysis
Litecoin (LTC) has shown some resilience this week. The coin in fact managed to pull up from its six-month lows of $120 and add some daylight in between, trading at around $140 at the time of writing.
The altcoin has also seen gains of about 4% over the past 7 days. Although this may seem like a bullish trend, it’s still early to bet on LTC.
First, the coin is well below its 200-day EMA of around $150. Analysts note that any bullish surge can only come once LTC surges past that. If indeed that happens, it is conceivable that the coin could go to $170.
Why you should buy Litecoin (LTC)
Even with current price pressure, Litecoin (LTC) has always been a decent buy. The altcoin is still one of the best performing coins inside the top 10 and could still deliver more value in the