A popular crypto analyst is setting new potential price targets for Litecoin (LTC) as it starts to build momentum. In a new Technical Roundup strategy video, pseudonymous analyst DonAlt tells his 44,400 Youtube subscribers that rallying Litecoin could crack its previous all-time high of almost $400, which it hit back in May 2021. His first […]
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A widely followed crypto analyst says that altcoins should begin to skyrocket as soon as next year. The pseudonymous trader known as TechDev tells his 401,100 Twitter followers that altcoins look primed to spark a massive rally going into next year despite recent negative expectations and narratives centered around the crypto industry. “Altcoins still look […]
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A widely followed crypto analyst is outlining what’s ahead for Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) while issuing a warning to investors about altcoins. Pseudonymous crypto trader Rekt Capital tells his 334,000 Twitter followers that as long as the king crypto continues to trade below the $17,400 level, it will be in danger of […]
The post Top Crypto Analyst Maps Path Ahead for Bitcoin, Ethereum and Litecoin, Urges Caution on Altcoins appeared first on The Daily Hodl.
New data has shown that as many as 6,100 crypto and bitcoin automated teller machines were installed in the first eleven months of 2022. The latest figure is approximately three times less than the ATMs that were installed in 2021. The data shows that the United States, which has over 34,000 crypto ATMs, accounts for […]
Crypto analytics platform Santiment says that the heavily bearish sentiment revolving around Solana (SOL) could push the price of the Ethereum (ETH) competitor up. The market intelligence firm says that the fear, uncertainty and doubt (FUD) surrounding Solana could trigger the smart contract platform to rally until the heavily bearish sentiment reduces. “There are not […]
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A widely followed crypto strategist is predicting that Bitcoin (BTC) alternative Litecoin (LTC) will have a massive breakout after years of underwhelming performance. Pseudonymous crypto trader Kaleo tells his 546,400 Twitter followers that Litecoin will likely repeat its historical bull runs in relation to the price of the king crypto after a long period of […]
The post Crypto Analysts Predict Massive Breakout for Litecoin (LTC) After Years of Accumulation appeared first on The Daily Hodl.
Litecoin extended recent gains on Nov. 23, with the token climbing to its highest point since May. The move saw prices climb by nearly 20% in today’s session, and comes ahead of this afternoon’s Federal Open Market Committee (FOMC) minutes. Solana also surged on Wednesday, moving nearly 20% higher. Litecoin (LTC) Litecoin (LTC) rose for […]
The trader known for accurately predicting this year’s crypto market collapse is setting downward price targets for a slew of different altcoins in anticipation of another capitulatory event. The pseudonymous trader known as Capo tells his 673,000 Twitter followers that currently, every bump in crypto prices should be treated as an opportunity to sell. Capo […]
The post Trader Who Called This Year’s Collapse Sets Price Targets for Ethereum, Cardano, Tron and Three Other Altcoins appeared first on The Daily Hodl.
Litecoin rallied to a three-week high on Nov. 22, despite the global cryptocurrency market cap mostly residing in the red. As of writing, the crypto market is down 1.11%, however, litecoin is up by over 12%. Another notable gainer has been chainlink, which rose for a second straight session. Litecoin (LTC) Litecoin (LTC) was a […]
Litecoin diverged from the broader crypto market downtrend in the months leading up to its halving in August 2023.
Litecoin (LTC) has emerged as one of the rare winners in the ongoing cryptocurrency market meltdown led by the FTX exchange's collapse.
The 2011-born altcoin rallied nearly 16% month-to-date (MTD) to reach $62.75 on Nov. 22, outperforming its top rivals, Bitcoin (BTC) and Ether (ETH), which lo approximately 25% and 30%, respectively, in the same period.
Furthermore, the LTC/BTC price also rallied to new heights, gaining 50% in November to establish a new yearly high of 0.003970 BTC on Nov. 22.
As Cointelegraph reported, Litecoin diverged from the broader cryptocurrency market downtrend earlier this month with its halving slated for August 2023. LTC has also received an endorsement from none other than Michael Saylor for being a Bitcoin-like "digital commodity."
Michael Saylor says #Litecoin is also likely a digital commodity like Bitcoin: pic.twitter.com/7N19IpxtSe
— Altcoin Daily (@AltcoinDailyio) November 18, 2022
Nonetheless, signs of bullish exhaustion are emerging.
Litecoin's rally versus Bitcoin has made the LTC/BTC pai overvalued, according to its weekly relative strength index (RSI) reading.
Notably, LTC/BTC's weekly RSI, which measures the pair's speed and change of price movements, surged above 70 on Nov. 22. An RSI reading above 70 is considered overbought, which many traditional analysts see as a sign of an impending bearish reversal.
Historically, Litecoin's overbought RSI readings versus Bitcoin have been followed by major price corrections. For instance, in April 2021, the LTC/BTC RSI's climb above 70 met with a strong selloff reaction, eventually pushing the pair down by 75% to 0.001716 BTC by June 2022.
Similarly, an overbought RSI in April 2019 led to a 70% LTC/BTC price correction by December 2019.
The same RSI fractal now hints at Litecoin's possibility of undergoing a 50% wipeout versus Bitcoin if coupled with LTC/BTC's multi-year descending channel pattern, as shown below.
TypicalLTC/BTC turns overbought after hitting the channel's upper trendline, which follows up with a correction toward the lower trendline.
As a result, the pair risks a drop to or below 0.001797 BTC by December 2022 if the fractal repeats, down more than 50% from the current price levels.
Conversely, a decisive breakout above the upper trendline could have LTC/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) at 0.005319 BTC, up 30% from current price levels, as the next upside target.
Litecoin eyes a similar price crash versus the U.S. dollar as it paints a bear flag pattern on the weekly charts.
Related: Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows
Bear flags are bearish continuation patterns that appear when the price consolidates higher inside a parallel, ascending channel range after a strong move lower (called flagpole). They resolve after the price breaks below the lower trendline and falls by as much as the flagpole's height.
LTC has been trading inside the bear flag range, eyeing a breakdown below its lower trendline support of around $55. The bear flag downside target is around $32.40 if it breaks decisively below the said support.
In other words, a 50% decline by December 2022.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
