Prominent crypto analysts and traders are setting their sights on Litecoin (LTC), anticipating a significant price surge in the coming days. Among them is the influential X account CaptainCrypto, who believes the recent upward movement in LTC’s price is merely a “relief rally” and that the real pump has yet to begin.
“Litecoin hasn’t even begun to pump. This? This is a relief rally from the large drop on the $BTC pair. No no no, when $LTC is ready, it will RIP,” CaptainCrypto tweeted, suggesting that Litecoin’s price could experience a massive upward momentum, often referred to as “ripping” in crypto jargon.
Adding to the bullish sentiment, the MOKI Trading account shared a technical analysis of Litecoin’s price chart, identifying a breakout from a bullish pennant pattern on the hourly timeframe. A bullish pennant is a continuation pattern that typically signals a potential price surge after a preceding uptrend.
“#LTC/USDT $LTC Bullish Pennant Alert Successfully breaking out on the hourly chart! If it holds, anticipate a 20-25% bullish surge,” MOKI Trading tweeted, accompanied by a chart showing Litecoin’s price at $102 after the breakout.
According to MOKI Trading’s analysis, for Litecoin to have a chance at spiking 25%, the price needs to trade above $98, which is identified as the potential retest price. A retest occurs when the price revisits a previously broken support or resistance level before continuing in the direction of the breakout.
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Show more +While these predictions from respected crypto analysts and traders have generated excitement among the Litecoin community, it is essential to approach such forecasts with caution and conduct thorough research before making any investment decisions.
The cryptocurrency market is known for its volatility, and prices can fluctuate rapidly based on various factors, including market sentiment, regulatory developments, and overall market conditions. As with any investment, it is crucial to exercise due diligence, manage risks appropriately, and never invest more than one can afford to lose.
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