The digital silver that has been showing impressive performance throughout November might bring investors one more surprise by entering a strong 70% rally thanks to the golden cross, one of the most powerful technical signals on the market.
The golden cross is an upward movement of the 50-day moving average that pierces through the 200-day moving average. Usually, that signal shows a trend reversal on the market and leads to a strong price rally.
The last time Litecoin had a golden cross going, the price of LTC spiked by almost 70%. The same signal we are seeing right now might become fuel for yet another leg up, especially after a productive November.
In the last 30 days, Litecoin has gained more than 20% to its value, becoming one of the strongest assets across the market. Some experts and analysts assumed that Litecoin’s halving could be the main reason behind the explosive price performance.
Despite the fact that the event is expected approximately in August 2023, traders and investors are already pricing in the change in LTC’s block structure. Historically, it is an ordinary turn of events when cryptocurrencies enter uptrends months ahead of halving.
Bitcoin has been doing so since 2012. Around six months ahead of the fact, the digital gold has been entering stable or volatile rallies and gaining up to 70% to its value ahead of the rewards reduction.
Litecoin might be following the same tendency and could bring investors a significant income if it does not get too over-leveraged by short-term traders and investors. At press time, LTC is trading at $76,42 and gaining 0.2% to its value in the last 24 hours.
Source: https://u.today/litecoin-ltc-on-verge-of-golden-cross-70-spike-ahead