The cryptocurrency market cannot recover since January when it skyrocketed and most alts were trading at their all time highs. But since then, we are in a descending triangle that may soon be over. Litecoin (LTC) may be ready to recover part of its price lost in the very next future. What can we expect about it?
Can Litecoin Reach $150?
Since February, Litecoin has bottomed three times, in February when it was traded under $110 dollars, in April, and now in May. These three times Litecoin find an important support in this area and the triangle could soon find an end.
As can be seen in this graphic provided by the Reddit user stefanpb777, Litecoin could move towards the $150 range in the next days.
It will be important to see whether the pattern moves up or down and wait for confirmation. In case it is able to break up, a new uptrend would start.
Also, KostandinAndonov – a cryptocurrnecy trader – expressed his feeling about LTC too. As the graphic shows, the minimum price LTC is set to touch is $110 with a possible breakout that will allow it to pass $150 this month or the following ones.
Even though the technical analysis looks good for LTC, the price is also influenced by a couple of other factors such as : Bitcoin’s price, the market feeling (bearish or bullish), news about adoption and others.
Moreover, with positive news coming from the Litecoin Foundation, more adoption, and an increase merchant adoption, Litecoin could be having a very positive trend in the coming weeks and months.
But, not everything is perfect, it is very difficult to have a differentiated pattern than Bitcoin. It happened in the past that Litecoin traded independently from BTCs moves, but it will require effort from the developers behind LTC.
If in the future Litecoin is able to integrate itself with Bitcoin and implement atomic swaps with it, the price could see new records, and the interconnection with Bitcoin would be even bigger.
This descending triangle could also see bears taking control on the price. If it is not able to produce a break out, the bears will totally undermine the wall that has been built by the bulls at this price level.
At the moment of writing this article Litecoin is the sixth most important cryptocurrency by market capitalization with $6.92 billion dollars. Each Litecoin can be bought for $121 dollars and it is registering a small increase of 0.4% in the last 24 hours.