LTC Price Skyrockets After Jim Cramer Lits a Spark Among The Community

• Jim Cramer issued an urgent crypto warning. 
• Offended LTC holders go on a buying spree.
• Bitcoin prices rise above $17,000.

Jim Cramer, the CNBC host issued a warning to the investors in the light of the ongoing federal investigation into crypto tycoon. Cramer tweeted that now is not too late to get out of any investments related to crypto. Earlier, Jim called crypto “the creation of money by cretins.” He was specifically ruthless to Litecoin holders, claiming that they are “idiots.”

The financial analyst suggested that the US Securities and Exchange Commission should investigate the cryptocurrency market, as he brought up a personal experience involving a crypto firm from which he struggled to withdraw his funds. 

Litecoin price surged following Jim Cramer’s previous comment during mid-December 2022. A similar pattern can be observed again, with BTC reaching above $17,000 and LTC rising by 8% in the past 24 hours. There could be a possibility that the CNBC host deliberately triggers the crypto community to make prices rally. 

Here’s what the charts reveal 

The LTC prices form a rising parallel channel with the current price action breaching the half line. The trading volume records holders accumulating the token. The positive volume and shooting OBV suggests prices may rally further, cracking the current channel. All crucial EMAs hold spots below the current prices of $82.30. If the prices sustain above the current channel, a high may be set reaching beyond $100.

For the rising prices, CMF shoots to the higher ranges in the positive zone, signaling the bull run. The MACD records tall green bars for the buyer shopping for the coin. The lines also pierce the zero-histogram mark, and reach the region above it. The RSI rockets to the overbought zone to reflect holders’ emotion. 

The peephole

The smaller time frame shows prices surging to the higher price levels. The CMF rises unceasingly to the upper ranges and reflects a bullish momentum. The buyer bars stand tall in the MACD and the lines diverge in bullish swing. The RSI reaches and holds a spot in the overbought zone to mirror the holders’ overwhelmed reactions. 

Conclusion

The LTC holders are furious and motivated to prove the CNBC host wrong by price rallies. The market very well reflects the emotions of the offended holders. Investors to look out for the forthcoming bull run. Support zone of $54.85 can be trusted. 

Technical levels

Support levels: $54.85 and $45.70

Resistance levels: $106.85 and $95.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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