There is growing optimism among crypto analysts that Litecoin could be gearing up for a major bull run in January 2024. Two notable crypto influencers, Captain Faibik and The Crypto Titan’s, have highlighted bullish technical patterns forming in Litecoin that could propel prices over 200% higher if key levels are broken.
Captain Faibik’s Analysis Points to +200% Rally Earlier this week, respected crypto analyst Captain Faibik (@CryptoFaibik) tweeted about an impending “major trendline breakout” he expects to occur with Litecoin in January 2024. Faibik noted that Litecoin is currently trading around $74, but he sees potential for prices to spike to $240, representing over 200% upside, if his breakout scenario materializes.
“In Case of Successful Breakout, Looks Promising for +200% Bullish Rally in the Midterm,” Faibik stated in his tweet.
This bold call is based on Faibik’s technical analysis of Litecoin’s long-term price charts. While he did not elaborate on the specifics, the analyst believes there is a key trendline Litecoin needs to break above before it can stage a parabolic advance.
Ascending Triangle Formation Could Propel Prices Higher In addition, another respected analyst known as The Crypto Titan’s (@cryptotitans11) tweeted about an ascending triangle formation taking shape in Litecoin’s daily chart. Ascending triangle patterns are typically bullish signals that mark consolidation periods that give way to major breakouts.
According to The Crypto Titan’s, “If you look #LTC, then you can see that it forming a Good ascending triangle in the Daily timeframe.” He goes on to explain, “The thing is we need to just hold here for a Breakout. As it’s a Bullish pattern, so Breakout from here will leads us to Take Profits.”
In other words, The Crypto Titan’s believes Litecoin is coilinging into a textbook ascending triangle structure, which is setting the stage for an eventual breakout and rally towards new highs. The key test will be whether Litecoin can successfully hold support long enough for a bullish breakout to commence.
Confluence of Bullish Factors
With technical analysts spotting both a pending trendline break as well as an emerging ascending triangle – two patterns that frequently precede major rallies – expectations are growing that January 2024 could be an explosive month for Litecoin.
If Litecoin manages to crack the $100 level, it could be off to the races with Captain Faibik’s $240 target becoming feasible. For now, crypto investors will want to closely monitor how Litecoin handles its key support levels headed into the new year.
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