Litecoin (LTC) recent spike seems to be leading the top cryptocurrency, Bitcoin (BTC), and signals to spark a possible bullish run in the coming days. According to cryptocurrency analyst, Willy Woo, LTC/USD bears and in extension BTC bears should be wary of shorting the pairs of crypto as the market looks very bullish.
Litecoin (LTC) magnificent 10% rise, SMA50 breach in sight
The crypto market is slowly rebounding and top altcoins are enjoying the uptrend signaling a possible bullish momentum in the coming days. Ethereum (ETH) breached the $170 resistance mark, Bitcoin Cash (BCH) and Bitcoin SV (BSV) grew 5.64% and 4.04% in the preparedness of the upcoming block reward halving and Litecoin (LTC) boosted 11% in the past 24 hours.
LTC/USD experienced steady growth from an intraday low of $40.01 on Monday this week, to a current price of $47.16, representing a gain of 17.8% in a few hours. However, the current price is a slight dip from an intraday high of $47.82 on Coinbase.
The sharp rise of LTC is setting the coin on a very bullish path with the SMA 50, which provides near term resistance on the verge of being breached. A breach above the $50.50 mark will effectively signal the start of a bull run. Interestingly, Litecoin, which has a 1-month correlation of 0.95 with BTC seems to be leading the market leader’s price.
Willy Woo: LTC has a habit of leading BTC
According to a prominent crypto Twitter figure, Willy Woo, Co-founder of Hypersheet, noted the correlation in BTC and LTC’s price calling on “shorters” of the pair of the crypto to change their bets. He wrote on Twitter,
“LTC has a habit of leading BTC. Shorters gonna be rekt (not from just this chart but from other fundamentals too).”
Additionally, the top ten cryptocurrencies correlation is at its highest point since early January when the cryptocurrency boosted to over $300 billion market capitalization.
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.