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Litecoin is a Sleeping Giant, LTC/USD Reversed from 2019 Peaks, Road to $1k?

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Evidence suggests that Litecoin and Bitcoin prices move in lock-step.

Considering the weight of Bitcoin, their positive correlation has over the years infused demand for Litecoin, the Bitcoin Silver.

At present, the technical candlestick arrangement of Litecoin could favor bulls in the immediate term.

However, there must be a sharp close to the middle BB—the flexible resistance line—ideally with increasing trading volumes for sustained gains.

This way, the foundation for higher highs would be firmer, the perfect launching pad for determined bulls.

Litecoin Market Performance

Litecoin Price Daily Chart for June 16

From the daily chart, it is easy to note that LTC losses are profound.

Besides trading in a bear breakout pattern, clearing below the multi-month support trend line, LTC is down over 80 percent from around the $400 highs.

Therefore, the gradient of the dump would shift only once there is an influx of buyers building on gains of late May 2021.

For this to hold, LTC/USD must close above $200 and the middle BB, the necessary impetus that would eventually aid in the unwinding of steep losses of May 19.

The eventual correction of the May 19 conspicuous bear bar would mark the continuation of solid gains posted in the first half of 2021, netting more bulls, subsequently yanking LTC/USD to new levels.

Litecoin Reversing from a “Two-Year” Valley

This is what Kyer on Trading View holds, judging from price action in the daily chart.

Kyer--Litecoin

The analyst observes that Litecoin, based on the 12-HR time frame, is encouragingly bottoming up from a “two-year” valley created in 2017.

As per his analysis, there are more loading opportunities for swing traders at spot rates, taking advantage of the ongoing accumulation.

If $180 holds, the analyst explains, the odds of follow-through gains above $200 would be elevated, solidifying bulls. In that case, LTC/USD would easily glide to over $250 in a buy trend continuation pattern.

Awakening the Sleeping “Litecoin Giant”

At a lower level, rising Bitcoin prices are awakening the Litecoin giant that’s been dozing off in the last few weeks.

The FX_Professor, on Trading View, expects the LTC price to post solid gains as it breaks above a descending triangle, catalyzing demand as Litecoin awakes.

FX_Professor--Litecoin

From his analysis, the analyst observes that $200 is the first resistance level. If bulls triumph, more traders will flow back, pushing LTC/USD towards $250—and better—in the upcoming sessions.

LTC/USD Will Reach $1k

It is the reaction and the apparent bounce from June 2019 highs that have the attention of traders.

Sustained gains above $150 and more so, a close above $200, would be the basis for the next wave of higher highs. In that case, LTC may print a new all-time high of $1k.

This is the prediction of zeinol1371 on Trading View.

zeinol1371--Litecoin

The reversal from 2019 peaks or the 61.8 percent Fibonacci retracement level of the 2020 and 2021 trade range is the catapult for $1k.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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