Litecoin (LTC) Signals A Bearish Reversal Despite Soaring 5% In A Day

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  • Litecoin (LTC) boost over 5% in a day as Binance US adds the crypto to its platform.
  • Fear creeps in as death cross forms on LTC/USD pair.

The rise of Litecoin (LTC) has been nothing but exceptional in the past 48 hours gaining over 5% in a day. The soar in ‘silver Bitcoin’ price sets in at a time the cryptocurrency market is in a consolidation phase as Bitcoin (BTC) bulls struggle to cross the $10,000 USD mark. Despite the positive fundamentals, such as addition of the crypto to Binance US, LTC is signaling a critical bear reversal point as the daily price charts forms a death cross.

Can LTC hit triple digits before the year?

LTC bulls threatens to break $80 USD

The past seven or so weeks, since the start of 2020, cryptocurrencies have been on a mammoth rise as most of the top altcoins register over 5% in gains in the past 24 hours. Looking further back, the early Bitcoin fork has gained over 10% over the past 2days raising hopes of bulls targeting $80 USD in the coming days. However the technical indicators on the long timeframe chars signals an upcoming bearish run.

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If bulls are able to keep the price above the key resistance level at $73.00 USD, then possibilities to spike to $80 USD remain plausible. Can bulls push the coin to new yearly highs in the near future?

LTC/USD forms a death cross

While the fundamentals remain solid on Litecoin, the technical indicators remain bearish signaling a possible reversal to the $70 USD level. Looking at the daily charts, the short term moving average (MA) crossed the long term average giving a very bearish sign on the price of LTC in the coming future.

Image: TradingView

Currently trading at $76.18, LTC/USD, the coin is on a bearish trend and looks destined to reverse towards the $70 USD key support. However, a cross above $78.00 USD will effectively push up a bullish run towards higher resistance levels at $90, $95 and $100 USD.

Despite the calls to $100, LTC/USD future looks bleak in the coming days.

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