Litecoin Price Rises 7% in Week Amid Golden Cross Hopes

Litecoin, a prominent cryptocurrency, experienced a challenging end to May, with its price dropping from around $95 to below $85 by the end of the month. Despite a strong start to June, the altcoin has struggled to maintain its bullish momentum during subsequent rallies. However, after falling below the $80 mark on June 22, Litecoin's price has shown signs of recovery, currently hovering around the $87 level.

Chartered Market Technician Tony Severino recently shared an optimistic analysis of Litecoin's price trajectory. According to Severino, Litecoin could be on the verge of an explosive rally, contingent on its movement over the next few weeks. This bullish outlook is based on the potential formation of a Golden Cross on the Litecoin weekly chart, which would be the third occurrence of this phenomenon. A Golden Cross happens when a short-term moving average (50-week moving average) crosses above a longer-term moving average (200-week moving average), often signaling extended periods of bullish price movements.

Severino's analysis draws parallels with previous instances where the Golden Cross formation preceded significant price surges. In 2017, Litecoin experienced a 700% rally from local lows before the first Golden Cross, followed by a 7,100% price increase to around $360. Similarly, in 2021, Litecoin rallied by 450% from its local bottom before the second Golden Cross, leading to a 380% jump to its all-time high of $410. If history repeats itself, the upcoming Golden Cross could propel Litecoin to new all-time highs.

As of the latest data, Litecoin's price stands at approximately $86.26, marking a 1.7% increase over the past 24 hours and a 7% rise over the last seven days. This positive momentum aligns with Severino's analysis, suggesting that Litecoin could be poised for a significant rally in the near future. The potential formation of the third-ever Golden Cross on the weekly chart adds to the optimism surrounding Litecoin's price trajectory, with investors and analysts closely monitoring the cryptocurrency's movements.