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.

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.