Litecoin: The Sleeping Giant Has Awoken
Since the start of November there's a noticeable amount of bullish sentiment surrounding Litecoin. Instead of moving back to the lower trend line of the wedge, it made an unexpected bullish move. This bullish move broke the 4-year wedge, without any signs of stopping soon.
On the chart there are four major areas of interest:
* Support 1 - $40: If the price goes below $40, chances are that Litecoin will retrace towards the lower trend-line of the wedge.
* Resistance 1 - $85: The 2020 high serves as a first target. With sufficient volume and investor's confidence $85 should be a reachable target this year. Beware of a possible (short-term) reversal.
* Resistance 2 - $145: The 2019 high occurred during the early altcoin boom. High confidence and a major influx of USDT coins into the market propelled Litecoin's price to $145. This area could be reached within a few months if Crypto rotates back into investor portfolios.
* Resistance 3 - $365: The all-time-high of Litecoin is naturally the biggest resistance to date. A major boom in crypto-world has to occur if the price wants to reach this target. We're talking about a 500% increase from the current price. This target could only be reached after a major surge of Bitcoin's price. Bitcoin generally rises first (with btc dominance rising), with the large caps following. Expect major selling pressure here, with a likely reversal or crash.
On the chart there are four major areas of interest:
* Support 1 - $40: If the price goes below $40, chances are that Litecoin will retrace towards the lower trend-line of the wedge.
* Resistance 1 - $85: The 2020 high serves as a first target. With sufficient volume and investor's confidence $85 should be a reachable target this year. Beware of a possible (short-term) reversal.
* Resistance 2 - $145: The 2019 high occurred during the early altcoin boom. High confidence and a major influx of USDT coins into the market propelled Litecoin's price to $145. This area could be reached within a few months if Crypto rotates back into investor portfolios.
* Resistance 3 - $365: The all-time-high of Litecoin is naturally the biggest resistance to date. A major boom in crypto-world has to occur if the price wants to reach this target. We're talking about a 500% increase from the current price. This target could only be reached after a major surge of Bitcoin's price. Bitcoin generally rises first (with btc dominance rising), with the large caps following. Expect major selling pressure here, with a likely reversal or crash.
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