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- CNBC host Jim Cramer called Litecoin holders as “idiots”.
- Trading volume rose by more than 127% in response.
- LTC ranked 4th in Galaxy score.
A day before Christmas, Jim Cramer, a CNBC host, called Litecoin holders “idiots” for holding such coins. The comment certainly offended LTC fans, and in response, they made prices ready to rally. The price has seen a rise of almost 10% in the past 7 days, with trading volume rising by more than 127%.
Despite the hardships, LTC was also ranked 4th out of the projects that displayed excellent health in 2022. LunarCrush disclosed the Galaxy score top rankings, a ranking made by the social intelligence platform that assesses a project’s overall health and performance.
Holders responding well
LTC prices were recovering well from the debacle. A slight dip took place due to market turmoil but again began to rise. The prices shot up after the release in response, rising by more than 5% and amounting to almost $69. The price holds well above the 100 and 200 EMA and reclaims the 50-EMA simultaneously. The trading volume sees a downtick but, when paired with OBV, suggests positive pressure and chances of a future rally. If prices can sustain above $70.5, it may successfully mark a breakout and reach beyond $80.
The price movement has set CMF to hold the fall and retrace to the zone above the baseline. The MACD lines near convergence and reflect withdrawal by sellers. The RSI rises to the half line and tries to breach it, entering the buyer’s active zone.
Recent reactions
The closer time frame suggests fans are overwhelmed and are committed to proving the contrary of what the host said. CMF indicator leaps to the higher ranges and, even after falling, holds a spot way above the zero mark. The MACD shows buyers being drawn unceasingly and interests rising as the lines pierce the zero-histogram mark and record buyer bars. The RSI shoots up, breaching all boundaries and maintains a spot in the overbought zone.
Conclusion
The market is set to prove every “anti-fan” wrong and tries to ensure an LTC surge. The prices are overwhelming and act as per the holders’ whims. This could be positive for short-term investors, but it’s too early to comment on long-term options.
Technical levels
Support levels: $61.16 and $52.41
Resistance levels: $78.26 and $84.36
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
