Popular cryptocurrency trader Captain Faibik highlighted an interesting technical pattern developing on the Litecoin (LTC) price chart that could foreshadow a major rally ahead. In a recent tweet, Faibik pointed out that LTC appears to be forming an ascending broadening wedge pattern on the weekly timeframe.
From Captain Faibik’s chart analysis, the price of LTC has been oscillating between the top and base of this ascending wedge pattern. With the price now sitting near the base around $70, Faibik believes LTC looks primed for a bullish breakout that could lead to a 2x rally in the coming days.
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Show more +If the Price Bounces As Expected, Targets Point to $200
If LTC manages to bounce off the lower boundary of the wedge as Captain Faibik anticipates, the measured move price target based on the height of the pattern points to LTC potentially surging to around $200.
This would represent a nearly 200% rally from current levels. While targets based on chart patterns do not always play out, traders will be closely monitoring the key levels identified by Faibik. A bounce and breakout here could ignite substantial upside momentum for the major altcoin.
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