Key Insights
- Litecoin has been consolidating with limited volatility since its halving in early August.
- $66 is a major obstacle that LTC needs to break through in order to rally upwards.
- Litecoin is in a long-term ascending channel, and there was a double-bottom retest of this formation’s lower trendline as of late.
- This validates a possible rebound from $55, and we may now see LTC rally further up to $82, which is its 50-day EMA.
- The only obstacle to this goal is how quickly Litecoin can break through $66.
Litecoin has been through a rollercoaster, especially after its underwhelming halving in early August.
Investors expected some of the halving hype to bring in a massive price rally for the “digital silver†as LTC is commonly called. Instead, the cryptocurrency disappointed everyone by falling from +$90 on 3 August, to $55 on 17 August.
However, how likely are we to see a massive price spike on LTC soon?
Don’t answer that.
Let’s go over why Litecoin can make your day very soon, with a 25% rally back above $80.
LTC Under The Microscope
There is a lot to say about Litecoin.
Ranked the 15th largest cryptocurrency by market cap, LTC rallied by more than 2% along with the rest of the crypto market.
However, LTC was in a bit of a slump before this, explaining why its weekly gains sit at 1.74%.
Recall that LTC lost its footing at about $94 after its halving, and fell straight down to $55.
The cryptocurrency has spent the last month or so around this zone, consolidating with limited volatility.
However, there may be reason to believe that all this may change soon.
$66 Is A Major Obstacle
Litecoin’s pre-halving dip took it straight down below the $66 support.
For context, this same support level has held the cryptocurrency up since 21 November, as illustrated below.
As illustrated above, Litecoin is now trying to get above this support again.
What do you think will come next, if a break above $66 happens?
Why Litecoin Will Hit $82 Soon
Zooming further out into the weekly chart, we can see that LTC is in a long-term ascending channel.
Moreover, there was a double-bottom retest of this formation’s lower trendline as of late.
This validates a possible rebound from $55, and we may now see LTC rally further up.
But how much further?
As illustrated above, the cryptocurrency’s 50-day EMA sits at the $82 zone. This also validates the $82 support and may be a worthy price target for the cryptocurrency, when it fully enters its rebound from $55.
This makes up a 25% rally on $LTC from its current prices.
The only obstacle to this goal, however, is how quickly LTC can break through $66 and finally rally upwards to $82.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
