Litecoin (LTC) has rebounded steadily in recent days. The altcoin has actually jumped 4% over the past week, erasing some of the losses we saw during the market crash. But even with these bullish signs, LTC is still firmly in bearish territory and could stay there for some time. But should you still buy it? First, here are some highlights:
Although LTC has moved above its 25- and 50-day exponential moving averages, it is still well below its 200-day EMA.
Broader sentiment in the crypto has yet to rebound steadily, posing huge downside risk for LTC.
Litecoin needs to break above the crucial $150 resistance if a sustained 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 has actually managed to recover from its six-month low of $120 and add some daylight in between, trading at around $140 at the time of writing.
The altcoin has also seen gains of around 4% over the past 7 days. Although it may seem like an uptrend, it is still early to bet on LTC.
First, the coin is well below its 200-day EMA of around $150. Analysts note that any bullish push can only come once LTC breaks above that. If this indeed happens, it is conceivable that the coin could reach $170.
Why Buy Litecoin (LTC)
Even with the current price pressure, Litecoin (LTC) has always been a decent buy. The altcoin is still one of the best performing coins in the top 10 and could still offer more value in the long run. It is one of those must-have crypto assets for any serious investor looking to unlock long-term value.
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