Why Litecoin Will Skyrocket 140% in Less Than 3 Months & Hit $220

By CCN: The Litecoin price has enjoyed a breakneck bull run in 2019, launching the cryptocurrency nearly 200 percent higher in less than six months. But while cautious investors might be tempted to take their profits and run, a crucial upcoming event could send Litecoin another 140% higher over the next three months, enabling LTC to eclipse the $220 mark for the first time in more than a year.

The trigger from this mammoth ascent? Litecoin’s long-awaited “halvening,” which will slash block rewards by 50%, from 25 LTC to 12.5 LTC.

Historically, such halvenings (or “halvings”) have proven to be bullish catalysts for proof-of-work cryptocurrencies. As inflation decreases, investors anticipate a comparable increase in price.

Litecoin Flashes Multiple Bullish Patterns

Litecoin’s halving won’t happen until around August 6, yet the altcoin’s price has already tripled in 2019. Even so, the cryptocurrency’s technical picture suggests the rally still has plenty of momentum.

Currently, it’s struggling to take out resistance at $100, but the bulls appear determined to pierce this level. On the daily chart on Coinbase, you can easily see the formation of an ascending triangle pattern.

litecoin price chart

The Litecoin price is forming an ascending triangle. | Source: TradingView

The triangle is a continuation pattern, which indicates that the market is very likely to resume its uptrend once consolidation is over. As you can see, the diagonal support is still intact.

In addition, the three moving averages are in perfect bullish alignment. The 50-day MA is above the 100-day MA, and the 100-day MA is on top of the 200-day MA. These signals tell us that Litecoin’s uptrend remains healthy.

On top of the ascending triangle, Litecoin is also painting a massive inverse head-and-shoulders pattern on the weekly chart. This pattern has been under construction for almost a year now. That’s a long time to build a base in the cryptocurrency world.

litecoin price weekly chart

The Litecoin price has spent the past year building a massive inverse head-and-shoulders pattern. | Source: TradingView

The neckline of this pattern is $100. This means that fireworks will begin once bulls convincingly take out this level. Using the height of the pattern to estimate a target, a breach of $100 will likely send Litecoin to $175.

LTC price chart

$175 is the easy target price for Litecoin | Source: TradingView

LTC Price Won’t Face True Resistance Until $220

Breakout from this pattern signifies the end of the Litecoin’s long-term downtrend. This will attract breakout traders, trend followers, and others who were staying on the sidelines during this long bear winter.

The bullish momentum generated will make it possible for Litecoin to pierce $175 quickly. That’s because the only strong resistance from the macro perspective above $100 is $220.

LTC price chart

After punching through $100, bulls won’t find much resistance until $220. | Source: TradingView

Of course, we expect Litecoin to spend some time consolidating around $175 before it can ascend to $220. At that point, however, the bullish sentiment is likely to be very strong. This means that buyers are likely to front-run each other just like they are in bitcoin right now.

With the “halvening” just around the corner, bulls should expect Litecoin to trade as high as $220 before August 2019.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.



About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

For a Hedge Against Inflation - Click the Rocket!

E-Crypto News Executive Interviews

Blockchain/Cryptocurrency Questions and Answers

What Are Crypto Index Funds?
What Are Crypto Index Funds?
January 19, 2023
money
Can You Make Money Anymore With Crypto in 2023?
January 13, 2023
What Is Stagflation And How Does It Affect The Crypto Markets?
What Is Stagflation And How Does It Affect The Crypto Markets?
January 12, 2023
passive crypto
How To Minimize Risks When Investing in Crypto
December 28, 2022
Trends
Be Aware of the Crypto Market 7 Latest Trends
December 19, 2022

Automated trading with HaasBot Crypto Trading Bots


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin22,666 1.07 % 2.31 % 7.52 %
Ethereum1,565.6 1.48 % 3.40 % 0.97 %
Tether1.000 0.08 % 0.07 % 0.03 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB283.64 0.09 % 0.32 % 2.79 %
XRP0.4687 0.46 % 4.02 % 4.38 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
Cardano0.3715 1.07 % 2.31 % 9.40 %
Dogecoin0.08476 1.17 % 2.40 % 3.72 %
Polygon1.073 1.72 % 7.29 % 12.82 %

bitcoin
Bitcoin (BTC) $ 22,905.14
ethereum
Ethereum (ETH) $ 1,585.09
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 302.36
xrp
XRP (XRP) $ 0.406323
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.375411
dogecoin
Dogecoin (DOGE) $ 0.085744
matic-network
Polygon (MATIC) $ 1.08