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The price of Litecoin didn’t end May in the best possible way, especially considering its start to the month, falling from around $95 to beneath $85 before May 31st. While the start of June was quite strong, the altcoin has failed to maintain its bullish momentum each time a rally seemed to be on.
After falling beneath the $80 level on June 22, the Litecoin price seems to be back on its feet as it currently dances around the $87 mark. Interestingly, a fresh price outlook portraying an even brighter future for the cryptocurrency has emerged.
How Much $LTC Price Surged After First Two Golden Crosses
In a recent post on the X platform, Chartered Market Technician Tony Severino shared an exciting analysis of the Litecoin price. According to the crypto expert, the price of $LTC could embark on an explosive rally depending on its movement over the next few weeks.
This bullish projection is based on the potential formation of a Golden Cross — the third ever — on the Litecoin weekly chart. In a crypto context, a Golden Cross occurs when a short-term moving average (50-week moving average, in this case) crosses above a longer-term moving average (200-week moving average).
Typically, Golden Cross formations often precede and are associated with extended periods of bullish price movements. However, Severino believes that Litecoin is just weeks of a significant rally away from triggering its third-ever Golden Cross on the weekly price chart.
Source: @TonyTheBullCMT on X
Severino cited the earlier two situations where the Golden Cross occurred after a substantial price rally. In the first instance, this chart phenomenon appeared on the Litecoin weekly timeframe after a 700% surge from the local lows in 2017. Meanwhile, the $LTC rallied by 450% from its local bottom before the second-ever Golden Cross in 2021.
For each time the Golden Cross appeared on the chart, the price of Litecoin witnessed a significant bullish momentum. In 2017, the $LTC price soared by 7,100% from around $5 to as high as $360. The altcoin jumped by more than 380% to reach its current all-time high of $410 after the Golden Cross formation in 2021.
If the Golden Cross does occur and history is anything to go by, the Litecoin price could be preparing to reach a new all-time high in its next leg up.
Litecoin Price At A Glance
As of this writing, the price of $LTC stands at around $86.26, reflecting a 1.7% increase in the past 24 hours. According to CoinGecko data, the altcoin is up by more than 7% in the last seven days.