Litecoin (LTC) has been rebounding steadily over the last few days. The altcoin has in fact surged by 4% over the last week, paring some of the losses we saw during the market-wide slump. But even with these bullish signs, LTC is still firmly in the bear market territory and could remain there for a while. But should you still buy it? Here are some highlights first:
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Although LTC has surged above its 25- and 50-day exponential moving averages, it is still well below its 200-day EMA.
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Broader sentiment in crypto is yet to rebound steadily, something that poses a huge downside risk for LTC.
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Litecoin must surge past crucial resistance of $150 if any sustained bullish 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 in fact managed to pull up from its six-month lows of $120 and add some daylight in between, trading at around $140 at the time of writing.
The altcoin has also seen gains of about 4% over the past 7 days. Although this may seem like a bullish trend, it’s still early to bet on LTC.
First, the coin is well below its 200-day EMA of around $150. Analysts note that any bullish surge can only come once LTC surges past that. If indeed that happens, it is conceivable that the coin could go to $170.
Why you should buy Litecoin (LTC)
Even with current price pressure, Litecoin (LTC) has always been a decent buy. The altcoin is still one of the best performing coins inside the top 10 and could still deliver more value in the long term. It is one of those must-have crypto assets for any serious investor looking to unlock long term value.