Light It Up: Litecoin Targets $420 Around Toking (Not Token) Holiday
LTC price had a rough week falling nearly 30% from its high of $333. A recent mining center blackout in China left the cryptocurrency markets in the red the past few days.
“LTC: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this would be very significant IMO. Haven’t seen that since 2019. I’m bullish on Litecoin still and think it’s going to go to $420,” he tweeted.
If this view is proven to be correct, LTC may see a rise close to nearly 52% from its current price level.
The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, even though bears might still have a say given the long shadow on the current candle.
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However, the RSI has climbed above the middle line and currently prints 52, while the MACD is strengthening after a bullish crossover.
As can be seen on the chart below, LTC/USD is gaining momentum and increasing above the 100 SMA. Uncertainty now seems to be resolving, with price heading upwards as bulls seek to strengthen their position after bouncing off $257.
Litecoin is looking to light up the crypto market soon | Source: LTCUSD on TradingView.com
Alt Season Might Have Arrived
As Altcoins continue to gain momentum, it appears that investing in them might yield more profit than expected. With a three-year wait for the altcoins to rally again, those still holding will either make a move to sell, gain more, or trade amongst the alts. Either way, we’re likely looking…