David – Crypto Speculator
After calling LTC owners idiots, the analyst and economist infamous for his erroneous forecasts blessed Litecoin for a turnaround before the New Year. The CNBC host has received gratitude from the Litecoin community for assisting their preferred cryptocurrency.
LTC plunged from the local high of $81.5 and fell to $69, which has been viewed as a clear reversal signal, suggesting a continuation of the downtrend in the near future.
However, Litecoin unexpectedly surged to the local barrier level after bottoming out at $60 following Jim Cramer's latest contentious statement. Technically speaking, given the violent character of the most recent rally, such a move might work in favour of the digital silver. Corrections frequently serve as the foundation for a rally's continuation, which may be the case in this instance for LTC.
On December 15, Litecoin was about to issue a strong and bullish "golden cross" signal that might have served as the beginning of a protracted rise. Sadly, underlying market conditions caused a reversal that could soon develop into a correction before the extended uptrend.
Most members of the traditional and cryptocurrency trading communities are familiar with Jim Cramer because of his historically audacious and frequently incorrect predictions. Numerous memepages, such as Inverse Cramer on Twitter, were created as a result of the inability to precisely set price targets and goals for different crypto assets.
The account monitors Jim Cramer's recommendations' performance and frequently goes against the analyst's advice, coming out ahead. Cramer's final prediction was the December S&P500 rally. The index is down more than 7% as of publication.
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