- Litecoin worth is at $55.88 after a notable dip in direction of $53.44.
- The LTC/BTC chart reveals a descending wedge sample that’s on the verge of a breakout.
LTC appears to be buying and selling inside a descending wedge fashioned on the month-to-month chart and is at present at $55.88, after having touched $53.44. The sample is on the cusp of a large breakout. Moreover, a vital technical indicator is about to current a powerful purchase sign.
Litecoin worth prediction: The technical image
One of the vital necessary charts for Litecoin within the long-term is the month-to-month LTC/BTC chart. The descending wedge that fashioned right here is on the verge of a breakout, and the TD Sequential indicator presents a crimson eight candle sign, which frequently precedes a powerful purchase sign.
LTC/BTC month-to-month chart
When taking a look at the previous two cases when the TD Sequential indicator flashed purchase alerts within the 1-month chart, Litecoin’s worth went by way of important bull rallies. The primary main worth explosion came about in February 2017, when LTC jumped 600% towards BTC inside 5 months after the TD setup turned bullish. The same worth motion was seen round December 2018 because the LTC/BTC buying and selling pair surged over 175% inside 5 months.
Furthermore, evidently the MACD is slowly turning bullish for the primary time since April 2019. If all of those optimistic alerts are validated, Litecoin would have a worth goal of 1.28 million satoshis or round $154.
It’s value mentioning that LTC additionally seems to be forming a morning star sample just like the one we noticed in November 2017. It is a notable signal of a reversal, particularly when mixed with the TD Sequential indicator.
LTC IOMAP chart
Whereas the long-term worth motion for the LTC/BTC buying and selling pair is kind of optimistic, IntoTheBlock’s In/Out of the Cash Round Value (IOMAP) mannequin reveals a sturdy resistance forward of the LTC/USD buying and selling pair. Roughly 141,500 addresses are holding over 4.7 million LTC between $57 and $59. Such a large provide barrier should be was assist so as to add credence to the bullish outlook.
