LTC Breakout and the Amazing Powers of Charlie Lee
After almost hitting Charlie Lee’s price target, LTC has gone on to breakout of some key resistance here in 2019.
A while back, near but not at the top, Charlie Lee creator of Litecoin (LTC) told people [paraphrasing] “if you aren’t ready for LTC to hit $20, don’t hodl LTC.”
Well, LTC hit about $22 in late 2018. Dang Charlie, harsh truth.
Good news is though, it has since gone on to breakout of its long downtrend.
This doesn’t mean the breakout will stick, but for sure this is nice to see.
Looking at the 200 day EMA in blue in the chart above we can see that LTC/USD traded below the 200 day since May.
That was a long long lonely winter, but now we finally have a breakout above the 200 day EMA.
With a Confidential Transactions in the works, and with the Litecoin halvening coming up, hope are high.
However, although LTC/BTC’s recovery looks every stronger than LTC/USD, it is important to remember that “this is crypto” and that means we could see big price movement either direction… especially if BTC or ETH decides to make big moves.
In words, yay LTC, and wow Charlie, but also…. crypto.
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