Litecoin Price Crosses $110 Level After 20% Rally | Crypto News
The Litecoin price has been on an spectacular run over the previous few weeks, mirroring the enhancing climate of the altcoin market in that period. In the previous week, the LTC token put out a sturdy bullish show, returning above the psychological $100 mark for the first time since mid-May.
The Litecoin price has not stopped at the breach of the $100 degree, climbing above the $110 mark on Saturday, July 19, to cap off an exhilarating week. Interestingly, the price of LTC appears to only be at the starting of an prolonged rally, as identified on X by an skilled crypto trader.
Is LTC About To Witness A 900% Surge?
In a latest post on the X platform, Chartered Market Technician (CMT) Tony Severino painted an excitingly bullish image for the Litecoin price even after its latest market exploits. According to the crypto skilled, the price of LTC is on the verge of a bullish breakout that might determine its trajectory over the next few months.
This bullish projection is predicated on a multi-year contracting (or symmetrical) triangle sample on the Litecoin 2-week chart. The contracting triangle is a sample in technical price evaluation marked by a falling higher boundary (connecting a sequence of decrease highs) and a rising decrease trendline (connecting a sequence of larger lows).
In a symmetrical triangle sample, the asset price repeatedly contracts and strikes toward the apex. Eventually, the price will breach the higher trendline for a breakout or breach the decrease trendline for a breakdown. This chart formation could possibly be a continuation or reversal sample relying on the break’s direction (breakout or breakdown) and the initial pattern direction.
However, symmetrical triangles are sometimes continuation patterns, that means the price tends to break in the initial pattern direction before it fell into the triangle sample. So, if historical past is something to go by, the Litecoin price is probably going to proceed its upward pattern after it breaks out of the present setup.
As Severino identified, the Litecoin price is getting ready to escape of this multi-year symmetrical triangle and could possibly be on monitor to break above its present all-time high of $410. In a contracting triangle formation, the price goal is decided by including the size of the widest level of the triangle (or base) to the breakout level.
Going by this logic, the price of Litecoin could possibly be on the verge of an over 900% surge over the next few months.
Litecoin Price At A Glance
As of this writing, the price of LTC sits at around $112.5, reflecting a almost 11% gain in the previous 24 hours.
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