The analyst and economist notorious for his inaccurate predictions blessed Litecoin for a reversal ahead of the New Year after calling LTC holders idiots. The Litecoin community has already thanked the CNBC host for helping its favorite coin.
Sudden reversal
The daily chart of the asset suggested nothing but the continuation of the downtrend in the foreseeable future as LTC plummeted from the local high at $81.5 and tumbled down to $69, which has been considered as a straightforward reversal signal.
However, after Jim Cramer made his controversial statement recently, Litecoin surprisingly spiked to the local resistance level, after bottoming out at $60. Technically, such a move might end up in favor of the digital silver, considering the explosive nature of the most recent rally. Corrections quite often become the foundation for a rally continuation, which might be the case with LTC here.
On Dec. 15, Litecoin was on the verge of delivering a strong and bullish "golden cross" signal that could have become the start for a prolonged uptrend. Unfortunately, underlying market conditions led to a reversal that might turn into a correction ahead of the long uptrend in the foreseeable future.
Cramer's "curse"
The majority of the traditional and cryptocurrency trading community knows Jim Cramer from his unprecedentedly bold and usually wrong predictions. The inability to accurately set price targets and goals for various assets led to the creation of numerous memepages, like Inverse Cramer in Twitter.
The account tracks the performance of Jim Cramer's picks and does the opposite of what the analyst recommends, quite often ending up as a winner. Cramer's last pick was the S&P500 rally in December. At press time, the index is down by more than 7%.
Vladislav Sopov
Tomiwabold Olajide
Denys Serhiichuk