An analyst and economist, notorious for his erroneous forecasts, was once again on the opposite side with his recent forecasts. In what became the meme as the ‘Curse of Jim Cramer’, altcoin traders are always trying to bet in the opposite direction.
Jim Cramer is back at work, the altcoin he said will fall skyrocketed
CNBC host fueled Litecoin’s year-end rally after calling LTC investors stupid. The Litecoin community thanks Cramer for the rally, which is currently over 5%.
The majority of the traditional and crypto community know Jim Cramer for his unprecedentedly bold and often false predictions. He himself has been inaccurate in price predictions countless times. The most obvious of these is based on the shares he made just before Netflix stocks lost 70%. The latest ‘Jim Cramer Curse’ concerns Litecoin investors. Today, LTC price is suddenly enjoying a rally over 5% at one point.
Litecoin was bearish on the daily timeframe until December 26. Local tops fell from $81.5 to $69. However, after Jim Cramer made his controversial statement recently, Litecoin surged to the local resistance level after falling surprisingly to $60. Technically, such a move works in favor, given the explosive nature of the latest rally. Moreover, Litecoin price is heading towards a critical resistance, accompanied by Cramer-initiated buys. In the second part, let’s take a look at the resistance levels that will determine the course of the rally.
Litecoin price gains momentum
Earlier this month, Litecoin price declined well above the $80 level against the dollar. LTC price has dropped below the dollar support zone, similar to Bitcoin and Ethereum. The price gained momentum below the $70 support and the 100 simple moving average (4-hours). A bottom was formed near $61.02 and the price is now attempting a recovery wave. There was a decent upside correction above the $63 and $65 levels.
On the upside, the first critical resistance is near the $70.00 level. Besides, there is a key bearish trend line forming with resistance near $70.50 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the decline from the $79.80 high to $61.02 low.
If there is a clear break above the $70.50 resistance, technical analyst Aayush Jindal says the price could start a strong rise. In this case, the price is likely to continue higher towards the $72 and $75 levels. Any further gains will lead the bulls to the $80 resistance zone. Meanwhile, cryptocoin.comAs you follow, Litecoin will complete its third halcing cycle in the first half of 2023.