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.