Although LTC has surged above its 25- and 50-day exponential moving averages, it is still well below its 200-day EMA.
Broader sentiment in crypto is yet to rebound steadily, something that poses a huge downside risk for LTC.
Litecoin must surge past crucial resistance of $150 if any sustained bullish uptrend is seen in the near term.
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.
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.
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