Litecoin

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

Bitcoin price is making another run at $28,000 and this is luring altcoin traders into XRP, LTC, XMR and AVAX positions.

The recent banking crisis in the United States seems to have shaken the belief of some customers in the legacy banking system. According to Federal Reserve data, customers pulled nearly $100 billion in deposits in the week ending March 15.

American venture capital investor and entrepreneur Tim Draper said in a March 25 report that “founders need to consider a more diversified cash management approach” due to the over-regulation of banks and micromanagement by the government. As part of a contingency plan, Draper suggested businesses keep “ at least six months of short-term cash in each of two banks, one local bank and one global bank, and at least two payrolls worth of cash in Bitcoin (BTC) or other cryptocurrencies.”

*Crypto market data daily view. Source:* *Coin360*

The move from the traditional banking system to cryptocurrencies may have already started, as seen from the strong showing of Bitcoin in the past few days. Even after the recent up-move, investors do not seem to be hurrying to book profits in Bitcoin. However, the same cannot be said about most altcoins, as they have witnessed a minor pullback.

In the short term, traders need to be selective of the cryptocurrencies to trade. Let’s study the charts of Bitcoin and select altcoins which may start the next leg of the up-move.

Bitcoin price analysis

Bitcoin has been hovering around the $28,000 level for the past few days. A consolidation after a strong rally is a positive sign as it shows that traders are holding on to their position, expecting a further up-move.

*BTC/USDT daily chart. Source: TradingView*

The upsloping 20-day exponential moving average ($25,936) and the relative strength index (RSI) in the positive area suggest the bulls remain in control. That enhances the prospects of a break above $28,900.

If that happens, the BTC/USDT pair could rally to the $30,000 to $32,000 resistance zone. The bears will try to defend this zone with all their might because if they fail in their endeavor, the pair may skyrocket to $40,000.

The vital support on the downside is $25,250. If this level fails to hold up, the pair may tumble to the 200-day simple moving average ($20,179).

*BTC/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the pair has been trading in a range between $26,500 and $28,900 for some time. The 20-EMA is flat and the RSI is just above the midpoint, indicating a balance between supply and demand.

A break above $28,900 will signal that bulls have overpowered the bears. That will indicate the resumption of the up-move. On the contrary, if the price breaks below $26,500, the pair may tumble to $25,250 and then to $24,000.

XRP price analysis

XRP (XRP) soared above the overhead resistance of $0.43 on March 21. The bears tried to trap the aggressive bulls by pulling the price below the moving averages but the bulls held their ground.

*XRP/USDT daily chart. Source: TradingView*

Buyers are trying to push the price toward the overhead resistance at $0.51. If bulls clear this obstacle, the ETH/USDT pair could attempt a rally to $0.56. This level is likely to witness aggressive selling by the bears but if buyers bulldoze their way through, the next stop may be $0.80.

Another possibility is that the price turns down from $0.51. During the pullback, if bulls flip the $0.43 level into support, it will suggest that the sentiment has turned positive. That will increase the likelihood of a break above $0.51.

The crucial support to watch on the downside is $0.40. If this level gives way, the next support is $0.36.

*XRP/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the bears are trying to defend the 61.8% Fibonacci retracement level at $0.46 and the bulls are buying the dips to the 20-EMA. This shows a state of equilibrium between the bulls and the bears.

If the price sustains above $0.46, it will suggest that bulls have seized control. The pair could then attempt a rally to $0.49 where the bears may again mount a strong defense. On the other hand, if the price slips below the 20-EMA, the pair may fall to $0.43 and then to $0.40.

Litecoin price analysis

While most major altcoins are struggling to start a recovery, Litecoin (LTC) is showing signs of strength. The 20-day EMA ($86) has started to turn up and the RSI is in the positive zone, indicating advantage to buyers.

*LTC/USDT daily chart. Source: TradingView*

The LTC/USDT pair could first rise to $98 and then retest the strong overhead resistance at $106. This is an important level to keep an eye on because if it crumbles, the pair may accelerate to $115 and then to $130.

Alternatively, if the price turns down sharply from $106, it will suggest that bears are active at higher levels. The pair could then drop to the 20-day EMA. If the price rebounds off this level, it will suggest that the sentiment remains positive. The bulls will then make another attempt to resume the up-move.

The first sign of weakness will be a break and close below the 20-day EMA. That could open the doors for a drop to $75.

*LTC/USDT 4-hour chart. Source: TradingView*

The rebound off the 20-EMA on the four-hour chart shows that the bulls are viewing the dips as a buying opportunity. The bulls will try to kick the price above $96 and extend the up-move to the overhead resistance at $106.

Contrarily, if the price breaks below the 20-EMA, it will suggest that the bullish momentum is weakening. The pair could then descend to the uptrend line. This is an important level for the bulls to defend because if it cracks, the pair may tumble to $75.

Monero price analysis

After trading near the moving averages for a few days, Monero (XMR) has broken free and is trying to climb higher.

*XMR/USDT daily chart. Source: TradingView*

The 20-day EMA ($153) has started to turn up and the RSI is in the positive territory, indicating that buyers have the edge. There is a minor resistance at $170 but if bulls overcome this barrier, the XMR/USDT pair could pick up momentum and soar to $187 and subsequently to $210.

The moving averages are expected to provide support during pullbacks. A break and close below the 200-day SMA ($150) could turn the tide in favor of the bears. The pair may then slump to $132.

*XMR/USDT 4-hour chart. Source: TradingView*

The 20-EMA on the four-hour chart is sloping up and the RSI is in the positive zone, indicating that bulls have the upper hand. The pair could reach $169, where the bulls may again face stiff resistance from the bears.

However, on the way down, if bulls do not allow the price to break below the 20-EMA, it will increase the likelihood of a rally above $169. If that happens, the pair may climb to $180 and later to $188.

The first sign of weakness will be a break and close below the 20-EMA. That could open the doors for a possible drop to the 200-SMA.

Avalanche price analysis

The bulls have successfully held Avalanche (AVAX) above the moving averages, indicating that lower levels are attracting buyers.

*AVAX/USDT daily chart. Source: TradingView*

The price has been consolidating between $18.25 and the 200-day SMA ($16.05) for the past few days but this range-bound action is unlikely to continue for long. If buyers thrust the price above $18.25, the AVAX/USDT pair will attempt a rally to $22 where they may face strong selling by the bears.

This positive view will invalidate in the near term if the price plummets and sustains below the 200-day SMA. The pair could then slide to $15.24 and thereafter to $14.

*AVAX/USDT 4-hour chart. Source: TradingView*

The bulls have successfully guarded the $16.25 level on the downside but they have failed to propel the pair above the resistance line. This indicates that the bears have not given up and they continue to sell on rallies. The flattish 20-EMA and the RSI near the midpoint do not give a clear advantage either to buyers or sellers.

This uncertainty could tilt in favor of the bulls if they take out the resistance line. The pair may then start the next leg of the recovery to $20 and later to $22. A break and close below $16.25 will tilt the advantage in favor of the bears.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

LTC, AVAX, APT and FTM prepare to rally as Bitcoin price targets $24K

Bitcoin bulls look to push BTC price to $24,000 and in doing so, LTC, AVAX, APT and FTM could extend their monthly gains.

Bitcoin (BTC) has rallied nearly 40% so far in January, which is the best start to the year since 2013. The sharp up-move has turned several on-chain signals bullish, according to on-chain analyst Cole Garner.

Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive.

After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term.

Which altcoins are showing promise in the near term? Let’s study the charts of Bitcoin and select altcoins to see which could extend their up-move in the next few days.

BTC/USDT

Bitcoin has been trading above $22,800 since Jan. 25, which suggests that bulls are trying to flip the level into support.

The upsloping 20-day exponential moving average ($21,558) indicates that bulls are in command but the relative strength index (RSI) in the overbought territory suggests that the rally may be overextended in the near term.

If buyers kick the price above $23,816, the BTC/USDT pair could start its northward march toward $25,211. This level may act as a formidable resistance.

On the downside, the 20-day EMA is an important level for the bulls to defend because if it cracks, the pair may fall to the psychological support at $20,000.

The RSI on the four-hour chart is forming a negative divergence indicating that the buyers may be losing their grip. If bulls want to assert their dominance, they will have to push the price above the $23,816 resistance. That could start the next leg of the up-move.

Conversely, if the price turns down from the overhead resistance, the bears will try to yank the pair below the moving averages. There is a minor support at $22,715 but if this level collapses, the pair could retest $21,480.

LTC/USDT

Litecoin (LTC) has been in a strong uptrend for the past several days. After a brief consolidation, buyers propelled the price above the overhead resistance of $92, indicating that the up-move remains intact.

The LTC/USDT pair could rally to the psychological level of $100 where the bears may again try to erect a roadblock. If bulls do not give up much ground from this level, the pair may extend its journey to $107. The upsloping 20-day EMA ($86) and the RSI near the overbought territory indicate advantage to buyers.

This positive view could invalidate if the price turns down and slips below the 20-day EMA. The pair could then drop to $81 and later to $75.

The break and close above the $92 level suggest that the consolidation resolved in favor of the buyers. If bulls sustain the price above $92, the pair could rise toward the pattern target of $98.

The bears are likely to have other plans. They will try to drag the price below the breakout level of $92 and trap the aggressive bulls. If they manage to do that, the pair could fall to $86. This is an important level for the bulls to defend because a break below it could shift the advantage in favor of the bears.

AVAX/USDT

Avalanche (AVAX) surged above the resistance line on Jan. 27 and reached the overhead barrier at $22 on Jan. 28.

The bears are trying to stall the recovery at $22 but the bulls do not seem to be in a hurry to book profits. This increases the likelihood of a break above the overhead hurdle. If that happens, the AVAX/USDT pair could accelerate toward $30. There is a minor resistance at $24 but it is likely to be scaled.

Another possibility is that the price turns down and retests the resistance line. If the price rebounds off this level, it will suggest that the bulls have flipped it into support. That could enhance the prospects of a break above $22. The bears may gain the upper hand if the price dives below the 20-day EMA ($17).

The four-hour chart shows the pair has pulled back near the 20-dayEMA. If the price jumps from the current level, the bulls will again attempt to thrust the pair above the overhead obstacle at $22. If this level is scaled, the pair could rally to $24.

The first sign of weakness will be a break and close below the 20-EMA. That could present an opportunity for the bears to make a comeback. The sellers could gain the upper hand if they pull and sustain the pair below the resistance line.

APT/USDT

Aptos (APT) has been having a dream run in the past few days. Usually, when an asset picks up momentum, it continues to move in the same direction for some time.

The APT/USDT pair turned down from $20.40 on Jan. 26 but the bulls are trying to arrest the pullback at $16.62. The shallow correction shows that every minor dip is being purchased by the bulls. Buyers will try to drive the price above $20.40 and start the next leg of the uptrend. The pair could then soar to $24.

The risk to this assumption is that the RSI has been in the overbought territory for the past few days. This increases the risk of a short-term correction. If the price turns down and plummets below $16.60, the pair could slide to $14.57 and then to the 20-day EMA ($12.23).

*APT/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows a negative divergence forming on the RSI. If the price breaks below the 20-EMA, the pair could test the 50-SMA. This is an important support to monitor because if it cracks, the pair could fall to $12.

Contrarily, if the price turns up and breaks above $20.40, it will indicate that bulls have reasserted their supremacy. That may invalidate the negative divergence developing on the RSI and resume the uptrend.

FTM/USDT

Fantom (FTM) has been in a stupendous run since breaking above the downtrend line. The sharp rally of the past few days suggests aggressive buying by the bulls.

The indicators signal that bulls are firmly in control. During strong up-moves, the corrections are short-lived as bulls buy on every minor dip. The bears are trying to stall the up-move near the psychological resistance at $0.50 but if bulls pierce this level, the FTM/USDT pair could soar to $0.56 and then to $0.63.

Sometimes, vertical rallies are followed by sharp declines. Therefore, traders must be careful as a break and close below $0.43 could sink the pair to the 20-day EMA ($0.37). This is the key level to watch out for on the downside because a break below it could signal that the uptrend may have ended in the near term.

*FTM/USDT 4-hour chart. Source: TradingView*

The pair turned down from the overhead resistance at $0.50 but found support at the 20-EMA. This indicates that the sentiment remains positive and traders are buying the dips. The bulls will again attempt to clear the overhead hurdle at $0.50 and resume the up-move.

The bears may have other plans as they will try to pull the price below the 20-EMA. This is an important level to keep an eye on in the short term as a break below it could open the doors for a possible drop to the 50-day simple moving average. If this level also cracks, the next stop could be $0.36.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Litecoin ‘head fake’ rally? LTC price technicals hint at 65% crash

LTC price could drop alongside riskier assets as macro analysts sound a bull trap alarm over this potential “head fake” recovery.

Litecoin (LTC) has rebounded by 130% to almost $100 after bottoming out near $40.50 in June 2022. The primary reasons include broadly improving risk-on sentiment and euphoria around Litecoin’s upcoming halving in August 2023.

However, technicals suggest that LTC may wipe out most of these gains in the coming months.

LTC price paints giant bear flag

Litecoin stands to pare its gains mainly due to a giant bear flag on the weekly chart.

A “bear flag” is a bearish continuation pattern that occurs when the price consolidates inside an ascending, parallel channel after undergoing a strong downtrend. It resolves after the price breaks below its lower trendline with a rise in trading volumes.

Litecoin has been painting a similar pattern since early June 2022. Previously, the LTC/USD pair had undergone a 70% price correction from $130 to $40.50. Thus, from the technical perspective, it would resume its downtrend course if its price breaks below the lower trendline.

*LTC/USD weekly price chart featuring bear flag breakdown setup. Source: TradingView*

As a rule, a bear flag breakdown move prompts the price to fall by as much as the previous downtrend’s length. Applying the same setup to Litecoin brings its bear flag downside target to nearly $30.50, or 65% lower than the current LTC price.

Litecoin price “head fake”?

As said earlier, Litecoin‘s price recovery has primarily occurred in line with similar moves across the risk-on market due to cooling inflation .

For instance, the Nasdaq-100 stock market index has risen approximately 15.50% between October 2022 and January 2023. Similarly, Bitcoin (BTC) has rallied by more than 50% since its November 2022’s low of around $15,500.

The weekly correlation coefficient between Litecoin and the Nasdaq-100 has been mostly positive at 0.35 on Jan. 27. Similarly, the correlation between Litecoin and Bitcoin is now around 0.21.

*Litecoin’s weekly correlation coefficient with Nasdaq-100 and Bitcoin. Source: TradingView*

But Mark Haefele, the chief investment officer at UBS Global Wealth Management — along with other many other analysts — has noted that the ongoing risk-on rally could be a “head fake.” In simple words, the ongoing Litecoin rally, under the influence of its risk-on counterparts, could be short-lived.

Independent market analyst Capo of Crypto also agrees, noting:

“The way the upward movement is happening, the way [higher-timeframe] resistances are being tested… it clearly looks manipulated, no real demand. Once again, the biggest bull trap I’ve ever seen.”

Bullish scenario for Litecoin

However, not everyone is bearish on risk assets such as Litecoin. Popular market analyst Rekt Capital sees Litecoin rallying toward $160 in the coming weeks, citing a monthly chart setup as shown below.

*LTC/USD monthly price chart. Source: TradingView*

Notably, the chart shows LTC‘s price undergoing a strong rebound move after testing a multiyear ascending trendline resistance inside the $40 to $50 area, which could qualify it for a further uptrend toward the $120–$160 range.

These upside targets have previously acted as supports and resistances. Breaking this key resistance could therefore invalidate the bear flag setup, which happens 54% of all time, according to research by veteran investor Tom Bulkowski.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

5 altcoins that could breakout if Bitcoin price stays bullish

Bitcoin has turned bullish, but is it a dead cat bounce? If BTC bulls keep pace, LTC, OKB, BIT and FTM could see strong rallies.

The cryptocurrency markets have made a strong comeback in the past few days. That drove the total crypto market capitalization to $995 billion on Jan. 14, according to CoinMarketCap data. Bitcoin (BTC) led the recovery from the front, skyrocketing above $21,000 on Jan. 14.

After the sharp rally, the big question is whether the recovery is a dead cat bounce that is a selling opportunity, or the start of a new uptrend. It is difficult to predict with certainty if a macro bottom has been made but the charts suggest that a bottoming process has begun.

Independent market analyst HornHairs highlighted that the 2017 to 2018 bear market lasted for 364 days and that from 2021 to the current market low, the duration is again 364 days. Another interesting similarity is that the 2015 to 2017 bull market and the 2018 to 2021 bull phase both lasted for 1,064 days. If history repeats itself, then Bitcoin may make the next top in roughly 1,000 days.

Bitcoin’s short-term price action has been exciting for bulls but are there altcoins that are showing similar strength in the near term?

Let’s study the charts to find out.

BTC/USDT

Bitcoin shot up to $21,258 on Jan. 13 and that propelled the relative strength index (RSI) above 89, signaling that the rally was overheated in the short term. The bears are expected to mount a strong defense at $21,500.

Sometimes, when a trend change happens, the RSI may remain in the overbought territory for a long time. If the BTC/USDT pair does not give up much ground from the current level, it will suggest that traders are in no hurry to book profits as they anticipate another leg higher.

If buyers kick the price above $21,500, the pair could climb to $22,800. This level may again act as a major roadblock.

On the way down, the bears will have to drag the price below the psychological level of $20,000 to make a dent in the bullish momentum. The pair could then slump to the breakout level of $18,388.

The four-hour chart shows that the bears are guarding the $21,250 level but a positive sign is that the bulls have not allowed the price to slide back below $20,000. Buyers may again attempt to clear the overhead hurdle at $21,258 and resume the uptrend.

On the contrary, if the price once again turns down from $21,250, it may tempt short-term traders to book profits. That could sink the pair below the 20-day exponential moving average (EMA). The bears may try to capitalize on this situation and pull the pair to $18,388.

LTC/USDT

Litecoin (LTC) broke above the overhead resistance at $85 on Jan. 12, indicating the start of a new uptrend. There is no major hurdle until the price reaches $107.

On the downside, the bulls will try to fiercely defend the zone between $85 and the 20-day EMA ($79). If the price springs back from this zone, the LTC/USDT pair could continue its uptrend and reach $107.

The upsloping moving averages signal advantage to bulls but the RSI above 77 suggests that a minor pullback or consolidation is likely.

If bears want to gain the upper hand, they will have to pull the price below the breakout level of $75. That could make way for a collapse to $61.

The four-hour chart shows the pair is in an uptrend and the bulls are fiercely protecting the 20-EMA. If buyers drive the price above $92, the pair could pick up momentum and rally toward the psychological level of $100.

Conversely, if the price turns down and dives below the 20-EMA, it will suggest that short-term traders may be booking profits. That could pull the price to the 50-day simple moving average (SMA). This is an important level for the bulls to defend because a break below it could heighten the risk of a drop to $80 and then $75.

OKB/USDT

While several cryptocurrencies are attempting to bottom out, OKB (OKB) has started a new uptrend. Usually, it is a good strategy to buy the dips in an uptrend by keeping a suitable stop loss.

The upsloping moving averages and the RSI in the overbought territory indicate that bulls are in command but a short-term consolidation or correction can’t be ruled out. The OKB/USDT pair could slip to the 20-day EMA ($27.64), which is likely to act as strong support.

If the price rebounds off this level, the pair could touch the strong overhead barrier at $34.18. Crossing this level may be a difficult task but if the bulls manage to achieve it, the pair could skyrocket to $42.

If bears want to stall the up-move, they will have to yank the price below the 20-day EMA. If they succeed, the pair could plummet to the 50-day SMA ($24.05).

*OKB/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the uptrend met with strong selling near $33 and the pair could correct to the 20-EMA. If the price rebounds off this support, it will suggest that bulls are buying on every minor dip. That could drive the price to $34.18.

Contrarily, if the price plunges below the 20-EMA, the correction could deepen to the 50-SMA. If the price rebounds off this level, the bulls will again try to resume the up-move but may face resistance at $31 and again near $33.

BIT/USDT

BitDAO (BIT) rallied sharply from $0.26 on Dec. 27 to $0.53 on Jan. 14, indicating a strong bullish momentum. In addition, the shallow pullback on Jan. 15 suggests that traders are not exiting their positions in a hurry as they anticipate the up-move to continue.

If bulls thrust the price above the overhead resistance at $0.54, the BIT/USDT pair could resume its up-move. The next resistance on the upside is at $0.68. The bears may pose a strong challenge at this level because a break and close above it could open the doors for a possible rally to $0.80.

On the downside, the first support is at $0.46 and then the 20-day EMA ($0.42). A strong bounce off either support will suggest that traders are buying on declines. That could result in a retest of $0.54. The bears may take control if they sink the price below the 20-day EMA.

*BIT/USDT 4-hour chart. Source: TradingView*

The four-hour chart shows that the pair is facing resistance near $0.54 but the bulls are likely to defend the drop to the 20-EMA. A strong rebound off this level will suggest that bulls are buying on shallow declines. That could improve the prospects of a break above $0.54.

Alternatively, if the price turns down and breaks below the 20-EMA, several short-term traders may book profits. That could pull the pair to the 50-SMA. If this level also cracks, the pair could tumble to $0.41.

FTM/USDT

Fantom (FTM) broke above the downtrend line on Jan. 9, indicating a potential trend change. The breakout was followed by a sharp rally which pushed the RSI into deeply overbought levels.

Vertical rallies are unsustainable, hence a pullback was to be expected. The FTM/USDT pair could dip to the 38.2% Fibonacci retracement level of $0.30 and then to the 50% retracement level of $0.28.

If the price turns up from this zone, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then try to resume the recovery and drive the pair above $0.36. If they do that, the pair could surge to $0.42.

Contrarily, a break and close below $0.28 could pull the pair down to the 61.8% retracement level of $0.26. A deeper fall could break the bullish momentum and increase the possibility of a range formation.

Both moving averages are sloping up and the RSI is in the positive territory, indicating an advantage to buyers. The pair could slide to the 20-EMA, which is likely to act as a strong support. If the price rebounds off this level, the bulls will try to resume the up-move.

On the contrary, if the price breaks below the 20-EMA, it will suggest that traders are aggressively booking profits after the recent rally. The pair could then extend its correction to the 50-SMA.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

These 4 altcoins may attract buyers with Bitcoin stagnating

Bitcoin remains stuck in a tight range but LTC, APE, ICP and BIT are showing signs of starting a new up-move.

Bitcoin’s (BTC) volatility remained subdued in the final few days of the last year, indicating that investors were in no hurry to enter the markets.

Bitcoin ended 2022 near $16,500, and the first day of the new year also failed to ignite the markets. This suggests that traders remain cautious and on the lookout for a catalyst to start the next trending move.

Several analysts remain bearish about Bitcoin’s near-term price action. David Marcus, CEO and founder of Bitcoin firm Lightspark, said in a blog post released on Dec. 30 that he does not see the crypto winter ending in 2023 and not even in 2024. He expects that it will take time to rebuild consumer trust but believes the current reset may be good for legitimate firms over the long term.

The bearish calls are an indication that the sentiment remains negative, but there is also a silver lining to it. Usually, bear markets end after the last bull has turned bearish. With no more sellers left, the price action stabilizes and new buyers enter the market. That usually causes a reversal and starts a new up-move.

While Bitcoin remains range-bound, select altcoins are showing signs of strength. Let’s look at the charts and spot the important levels to keep an eye on.

BTC/USDT

The failure of the bulls to push Bitcoin above the 20-day exponential moving average (EMA) of $16,778 has strengthened the bears further who are trying to sink the price below the immediate support at $16,256.

The 20-day EMA is gradually sloping down and the relative strength index (RSI) is near 43, indicating a minor advantage to sellers. If bears sink the price below $16,256, the BTC/Tether (USDT) pair could drop to $16,000 and thereafter to the vital support at $15,476. A break below this support could signal the resumption of the downtrend.

This negative view will be invalidated in the near term if buyers thrust the price above $17,100. Such a move will indicate aggressive buying on dips. The pair could then pick up momentum and make a dash toward $18,388. Sellers are again expected to mount a strong defense at this level.

The pair has been stuck between $16,256 and $17,061 for some time. The bounce off the support is facing selling near the moving averages. This suggests that bears continue to sell on rallies.

However, a minor positive is that the bulls have not given up much ground and the pair remains near the 20-EMA. This increases the likelihood of a break above the moving averages. If that happens, the pair could rise to $16,800 and then $17,061.

On the downside, bears will have to pull the price below the immediate support of $16,429 to set up a retest of $16,256.

LTC/USDT

Several major cryptocurrencies are still searching for a bottom but Litecoin (LTC) is way above its June low. This indicates strong demand at lower levels.

The 20-day EMA of $69 has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand.

The advantage will tilt in favor of the buyers if they push and sustain the price above the moving averages. The LTC/USDT pair could then climb to the overhead resistance at $75. This is an important level to watch out for in the near term because a break above it could open the doors for a rally to $85.

Contrarily, if the price turns down from the current level and breaks below the 20-day EMA, the pair could slide to $65.

The moving averages on the 4-hour chart are moving up slowly and the RSI is in the positive territory, signaling that bulls have the upper hand. There is a minor resistance at $72, but if this level is crossed, the up-move could reach $75.

Sellers are likely to mount a strong defense in the $72 to $75 zone, but if bulls bulldoze their way through, the rally could accelerate and reach $80. On the downside, a break below $65 could open the doors for a decline to $61.

APE/USDT

ApeCoin (APE) has been trading inside a large range between $3 and $7.80 for the past several months. The moving averages have flattened out, and the RSI is near the midpoint, indicating that the selling pressure could be reducing.

The bears have not allowed the price to rise above the moving averages, but an encouraging sign is that the bulls have maintained the buying pressure and not let the price slip. This increases the possibility of a break above the moving averages. If that happens, the APE/USDT pair could ascend to $4.58 and thereafter to $5.25.

Alternatively, if the bears do not allow the price to pierce the overhead resistance, the pair could again slump to the vital support at $3. A slide below the $3 to $2.61 support zone could indicate the start of the next leg down.

*APE/USDT 4-hour chart. Source: TradingView*

The pair has formed a symmetrical triangle on the 4-hour chart. This indicates indecision between the bulls and the bears. Although the moving averages are flattish, the RSI has risen into the positive zone, indicating that bulls have a slight edge. If buyers clear the minor hurdle at $3.71, the pair could rise to the resistance line of the triangle.

Conversely, if the price turns down and breaks below the uptrend line, it will suggest that the bears are back in the game. The pair could then tumble to $3.20 and later to the important support at $3.

ICP/USDT

Internet Computer (ICP) continues to trade below the breakdown level of $4.61, but the RSI is forming a positive divergence, indicating that the selling pressure could be reducing.

Buyers propelled the price above the downtrend line on Dec. 30, but the bulls could not sustain the breakout. The bulls again tried to overcome the barrier on Jan. 1, but the long wick on the candlestick shows that bears are selling on intraday rallies.

If the price slips and sustains below the 20-day EMA of $3.91, the bears will try to pull the price to $3.60 and then to $3.40.

On the contrary, if the price rebounds off the moving averages, the bulls will again try to drive the price above $4.21. If they can pull it off, the ICP/USDT pair could soar to $4.61, where the bears may try to stall the recovery.

*ICP/USDT 4-hour chart. Source: TradingView*

The bulls have managed to defend the 50-SMA but they have failed to sustain the price above the 20-EMA. This indicates that bears are active at higher levels. If the price turns down and plummets below $3.90, the pair could drop to $3.76 and then $3.60.

Alternatively, if bulls pierce the overhead resistance zone of $4.10 to $4.21, the momentum could pick up and the pair could surge to $4.46. This level may behave as a minor hindrance but it is likely to be crossed. The pair could then reach $4.61.

BIT/USDT

BitDAO (BIT) has been consolidating between $0.25 and $0.35 for the past few days but the price action is showing signs of a possible breakout.

The moving averages have completed a bullish crossover, indicating a potential trend change. If buyers catapult the price above $0.35, the BIT/USDT pair could start a new uptrend. The pair could then attempt a rally to the target objective at $0.45.

On the other hand, if the price turns down from $0.35, it will suggest that bears are guarding this level with vigor. The price could then dip to the 20-day EMA of $0.30.

If the price rebounds from this level, it will suggest that the sentiment may have shifted from selling on rallies to buying on dips. That could enhance the prospects of a break above $0.35.

The bears will have to yank the price below the moving averages to invalidate the bullish view. The pair could then remain stuck inside the range for a while longer.

The price turned down sharply from the overhead resistance at $0.35 but the bulls are trying to arrest the pullback at the 20-EMA. If the price rebounds off the 20-EMA with strength, it will suggest aggressive buying on dips. The pair could then scale the overhead resistance and start its northward march to $0.40 and then $0.42.

Instead, if the price turns down and breaks below the 20-EMA, several short-term bulls may book profits. That could pull the price to the 50-SMA. Such a move will suggest that the pair may spend some more time inside the range.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Litecoin eyes $100 after ‘rare’ LTC price breakout

MoneyGram’s decision to integrate Litecoin into its crypto services and the coin’s upcoming halving event has served as catalysts behind LTC’s price rally.

Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.

LTC’s not-so-bearish symmetrical triangle

LTC’s price broke out of what earlier appeared to be a bearish symmetrical triangle.

Symmetrical triangles are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend.

Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions. Ideally, the LTC/USD pair could have resolved the pattern by breaking below its lower trendline.

But instead, it broke above the upper trendline in early November, as shown below. According to Robert D. Edwards and John Magee, the authors of Technical Analysis of Stock Trends, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend reversals.

*LTC/USD three-day price chart. Source: TradingView*

Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022.

This upside target is measured after calculating the distance between the triangle’s upper and lower trendline and adding the output to the breakout point (around $58 in Litecoin’s case).

Why is Litecoin price up?

Litecoin’s symmetrical triangle breakout move started in late October. It coincided with MoneyGram’s announcement that it would enable users to purchase, store and use LTC alongside Bitcoin (BTC) and Ether (ETH) for payments.

The LTC breakout lost momentum due to FTX’s collapse in the first week of November and its negative impact on the broader crypto market. But Litecoin resumed its upward trend amid speculations about its reward halving in the summer of 2023.

“Litecoin tends to rally in the months leading up to the halving,” noted market analyst The Digital Trend in a SeekingAlpha op-ed, adding:

“Then, the price tends to stabilize before entering a lengthier and more substantial bull market. Then, around halfway through the cycle, Litecoin enters a bearish/distribution phase like Bitcoin.”

*LTC/USD price performance before and after halving. Source: TradingView/The Digital Trend*

Litecoin’s price could reach $180 by July if the halving fractal plays out as intended, as Cointelegraph previously reported.

The bearish take

Conversely, Litecoin can see a short-term correction, as its three-day relative strength index (RSI) is turning “overbought.” The trigger for the downside move could be the RSI crossing above 70 from its current reading of 68, as shown below.

LTC’s price downside target comes to be at around $40 in the event of a correction trend, down about 50% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price consolidation has shifted traders to these 4 altcoins

DOGE, LTC, LINK and APE are showing signs of buying even as Bitcoin’s next directional move remains uncertain.

Bitcoin (BTC) has been trading in a tight range since Thanksgiving Nov. 24, as traders are uncertain about the next directional move. Usually, in a bear market, analysts tend to become uber-bearish and project targets that tend to scare away investors.

The failure of Bitcoin to start a strong recovery has given rise to several bearish targets, which extend up to $6,000 on the downside.

Although anything is possible in a bear market, traders who have a long-term view could try to accumulate fundamentally strong coins in several tranches. Because a bottom will only be confirmed in hindsight and trying to time it is usually a futile exercise.

In a bear market, all coins do not bottom at the same time. Hence, along with keeping an eye on the broader cryptocurrency market, traders should closely follow the coins of their choice.

The cryptocurrencies that lead the market out of the bear phase generally tend to do well when the next bull market begins. Let’s look at the charts of the cryptocurrencies that are trying to start an up-move in the short term.

BTC/USDT

Bitcoin has been consolidating between $15,588 and $17,622 for the past few days. The relative strength index (RSI) has formed a bullish divergence, suggesting that the selling pressure could be reducing.

The relief rally could face stiff resistance in the zone between the 20-day exponential moving average (EMA) of $17,065 and $17,622. If the price turns down from the overhead zone, the BTC/Tether (USDT) pair could extend its stay inside the range for some more time.

If buyers catapult the price above the overhead zone, it will suggest that the downtrend may be ending. The 50-day simple moving average (SMA) of $18,600 may act as a minor hurdle, but if crossed, the up-move could reach the psychological level of $20,000.

Alternatively, if the price turns down from the overhead resistance and breaks below $15,588, it could signal the resumption of the downtrend. The pair could then drop to $13,554.

The moving averages on the 4-hour chart have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. This balance could tilt in favor of the bulls if they push the price above $17,000. The pair could then rise to the overhead resistance at $17,622.

Instead, if the price slips below $16,000, the pair could drop to the critical support zone between $15,588 and $15,476. A break below this zone could accelerate selling and start the next leg of the downtrend.

DOGE/USDT

Dogecoin (DOGE) broke above the overhead resistance at $0.09 on Nov. 25 but the bears pulled the price back below the level on Nov. 26. Buyers regrouped and pushed the price above the 38.2% Fibonacci retracement level of $0.10 on Nov. 27.

The bears may again try to stop the recovery near $0.10 but if bulls do not allow the price to break below $0.09, the DOGE/USDT pair could pick up momentum and rally toward the 61.8% Fibonacci retracement level of $0.12. If this level is also scaled, the pair may continue its uptrend toward $0.16.

On the other hand, if the price turns down from the current level, it will suggest that bears continue to view the rallies as a selling opportunity. The pair could then decline to $0.09. If this support gives way, the 50-day SMA of $0.08 could be challenged.

*DOGE/USDT 4-hour chart. Source: TradingView*

Buyers have pushed the price above the range, which suggests the start of an up-move. The strong rally pushed the RSI into deeply overbought levels, suggesting a minor correction or consolidation in the near term.

If the price turns down from the 38.2% Fibonacci retracement of $0.10 but rebounds off the breakout level, it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then try to resume the uptrend. The target objective of the breakout from the range is $0.12.

This positive view could invalidate in the near term if the price turns down and re-enters the range. The pair could then drop to the 50-SMA.

LTC/USDT

Litecoin’s (LTC) breakout above the overhead resistance at $75 is the first indication of a potential trend change. The bears tried to pull the price back below $75 and trap the aggressive bulls but the buyers held their ground.

The bulls will try to propel the price above the overhead resistance at $84. If they succeed, it could signal the start of a new uptrend. The rising 20-day EMA of $67 and the RSI near the overbought zone indicate the path of least resistance is to the upside. The LTC/USDT pair could then rally toward the target objective of $104.

Conversely, if the price turns down from $84, the pair could slide to the $73 to $75 support zone. If this zone breaks down, the pair could slide to the 20-day EMA. The bears will have to pull the price below this support to trap the aggressive bulls.

If the price rebounds off the 20-day EMA, the bulls will again try to kick the pair above $84 and start the uptrend.

The 4-hour chart shows that the price broke and closed below the 20-EMA but the bears could not build upon this advantage. The bulls purchased this dip and nudged the price back above the 20-EMA. Both moving averages are sloping up and the RSI is just above the midpoint, indicating that buyers have a slight edge.

There is a minor resistance at $80, but if the bulls thrust the price above this level, the pair could rise to $84. The pair could then attempt a rally to $96. If the bears want to invalidate this view in the short term, they will have to pull the pair below $73.

LINK/USDT

Chainlink (LINK) has been range-bound between $5.50 and $9.50 for the past many weeks. The strong rebound off the support at $5.50 on Nov. 21 suggests that the bulls are aggressively buying the dips to this level.

The 20-day EMA of $6.74 has started to turn up and the RSI has risen into the positive territory, indicating a minor advantage to the bulls. If the price sustains above the 50-day SMA of $7.15, the likelihood of a rally to $8.50, and thereafter to $9.50, increases.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that bears are active at higher levels. The LINK/USDT pair could then again drop toward the support at $5.50 and consolidate near it for a few more days.

*LINK/USDT 4-hour chart. Source: TradingView*

The strong rebound off the $5.50 level is nearing the overhead resistance at $7.50. If the price turns down from this level and breaks below the 20-EMA, the pair could drop to the 50-SMA. A break below this support could keep the pair stuck between $5.50 and $7.50 for some time.

Another possibility is that the price turns down from $7.50 but rebounds off the 20-EMA. The bulls will then again try to drive the price above $7.50 and start the northward march toward $8.50.

APE/USDT

ApeCoin (APE) has been consolidating in a large range between $3 and $7.80 for the past several months. The bears tried to sink the price below the support of the range but could not sustain the lower levels. This suggests strong demand at lower levels.

Sustained buying pushed the price above the 20-day EMA of $3.47 on Nov. 26, indicating that the bulls are on a comeback. There is a minor resistance at the 50-day SMA of $4.06, but if the bulls clear this roadblock, the APE/USDT pair could rise to the downtrend line.

If the price turns down from the downtrend line, the pair could decline to the 20-day EMA. If the pair rebounds off this level, it will suggest that the sentiment has shifted from selling on rallies to buying on dips. That could improve the prospects of a break above the downtrend line. The pair could then climb to $6.

On the contrary, if the price turns down from the downtrend line and breaks below the 20-day EMA, the pair could again slide to the strong support at $3.

The moving averages on the 4-hour chart have started to turn up and the RSI has jumped into the overbought territory, indicating that the bulls have a slight edge. The recovery could face resistance at $4 but if the bulls do not allow the price to dip below the moving averages, the up-move may reach the downtrend line.

This positive view could be invalidated in the near term if the price turns down and breaks below the 50-SMA. Such a move will suggest that the bears continue to sell on rallies. The pair could then drop to $3.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Litecoin hits fresh 2022 high versus Bitcoin — But will LTC price ‘halve’ before the halving?

Litecoin diverged from the broader crypto market downtrend in the months leading up to its halving in August 2023.

Litecoin (LTC) has emerged as one of the rare winners in the ongoing cryptocurrency market meltdown led by the FTX exchange’s collapse.

LTC price outperforms BTC, ETH

The 2011-born altcoin rallied nearly 16% month-to-date (MTD) to reach $62.75 on Nov. 22, outperforming its top rivals, Bitcoin (BTC) and Ether (ETH), which lost approximately 25% and 30%, respectively, in the same period.

*LTC/USD daily price chart. Source: TradingView*

Furthermore, the LTC/BTC price also rallied to new heights, gaining 50% in November to establish a new yearly high of 0.003970 BTC on Nov. 22.

As Cointelegraph reported, Litecoin diverged from the broader cryptocurrency market downtrend earlier this month with its halving slated for August 2023. LTC has also received an endorsement from none other than Michael Saylor for being a Bitcoin-like “digital commodity.”

Michael Saylor says #Litecoin is also likely a digital commodity like Bitcoin: pic.twitter.com/7N19IpxtSe

— Altcoin Daily (@AltcoinDailyio) November 18, 2022

Nonetheless, signs of bullish exhaustion are emerging.

Litecoin price fractal hints at 50% correction

Litecoin’s rally versus Bitcoin has made the LTC/BTC pair overvalued, according to its weekly relative strength index (RSI) reading.

Notably, LTC/BTC’s weekly RSI, which measures the pair’s speed and change of price movements, surged above 70 on Nov. 22. An RSI reading above 70 is considered overbought, which many traditional analysts see as a sign of an impending bearish reversal.

Historically, Litecoin’s overbought RSI readings versus Bitcoin have been followed by major price corrections. For instance, in April 2021, the LTC/BTC RSI’s climb above 70 met with a strong sell-off reaction, eventually pushing the pair down by 75% to 0.001716 BTC by June 2022.

Similarly, an overbought RSI in April 2019 led to a 70% LTC/BTC price correction by December 2019.

The same RSI fractal now hints at Litecoin’s possibility of undergoing a 50% wipeout versus Bitcoin if coupled with LTC/BTC’s multi-year descending channel pattern, as shown below.

*LTC/BTC weekly price chart. Source: TradingView*

Typically, LTC/BTC turns overbought after hitting the channel’s upper trendline, which follows up with a correction toward the lower trendline.

As a result, the pair risks dropping to or below 0.001797 BTC by December 2022 if the fractal repeats, down more than 50% from the current price levels.

Conversely, a decisive breakout above the upper trendline could have LTC/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) at 0.005319 BTC, up 30% from current price levels, as the next upside target.

LTC/USD pair “bear flag”

Litecoin is eying a similar price crash versus the United States dollar as it paints a bear flag pattern on the weekly charts.

Bear flags are bearish continuation patterns that appear when the price consolidates higher inside a parallel, ascending channel range after a strong move lower (called flagpole). They resolve after the price breaks below the lower trendline and falls by as much as the flagpole’s height.

*LTC/USD weekly price chart. Source: TradingView*

LTC has been trading inside the bear flag range, eyeing a breakdown below its lower trendline support of around $55. The bear flag downside target is around $32.40 if it breaks decisively below the said support — i.e., a 50% decline by December 2022.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Data shows traders are slightly bullish even as crypto’s total market cap falls under $800B

The total crypto market cap has dropped under $800 billion, but data highlights a few reasons why some traders are bullish.

The total cryptocurrency market capitalization dropped by 5% between Nov. 14 and Nov. 21, reaching a notable $795 billion. However, the overall sentiment is far worse, considering that this valuation is the lowest seen since December 2020.

*Total crypto market cap in USD, 4-hour. Source: TradingView*

The price of Bitcoin (BTC) dipped a mere 2.8% on the week, but investors have little to celebrate because the current $16,100 level represents a 66% drop year-to-date. Even if the FTX and Alameda Research collapse has been priced in, investor uncertainty is now focused on the Grayscale funds, including the $10.5 billion Grayscale Bitcoin Trust.

Genesis Trading, part of the Digital Currency Group (DCG) conglomerate, halted withdrawals on Nov. 16. In its latest quarterly report, the crypto derivatives and lending trading firm stated that it has $2.8 billion worth of active loans. The fund administrator, Grayscale, is a subsidiary of DCG, and Genesis acted as a liquidity provider.

The 5% weekly drop in total market capitalization was mostly impacted by Ether’s (ETH) 8.5% negative price move. Still, the bearish sentiment had a larger effect on altcoins, with nine of the top 80 coins losing 12% or more in the period.

*Weekly winners and losers among the top 80 coins. Source: Nomics*

Litecoin (LTC) gained 5.6% after dormant addresses in the network for one year surpassed 60 million coins.

Near Protocol’s NEAR (NEAR) dropped 23% due to concerns about the 17 million tokens held by FTX and Alameda, which backed Near Foundation in March 2022.

Decentraland’s MANA (MANA) lost 15% and Ethereum Classic (ETC) another 13.5% as both projects had considerable investments from Digital Currency Group, controller of the troubled Genesis Trading.

Balanced leverage demand between bulls and bears

Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

*Perpetual futures accumulated 7-day funding rate on Nov. 21. Source: Coinglass*

The seven-day funding rate was slightly negative for Bitcoin, so the data points to excessive demand for shorts (sellers). Still, a 0.20% weekly cost to maintain bearish positions is not worrisome. Moreover, the remaining altcoins — apart from Solana’s SOL (SOL) — presented mixed numbers, indicating a balanced demand between longs (buyers) and shorts.

Traders should also analyze the options markets to understand whether whales and arbitrage desks have placed higher bets on bullish or bearish strategies.

The options put/call ratio shows moderate bullishness

Traders can gauge the market’s overall sentiment by measuring whether more activity is going through call (buy) options or put (sell) options. Generally speaking, call options are used for bullish strategies, whereas put options are for bearish ones.

A 0.70 put-to-call ratio indicates that put options’ open interest lags the more bullish calls by 30% and is therefore bullish. In contrast, a 1.20 indicator favors put options by 20%, which can be deemed bearish.

*BTC options put-to-call ratio. Source: Laevitas*

Even though Bitcoin’s price broke below $16,000 on Nov. 20, investors did not rush for downside protection using options. As a result, the put-to-call ratio remained steady near 0.54. Furthermore, the Bitcoin options market remains more strongly populated by neutral-to-bearish strategies, as the current level favoring buy options (calls) indicates.

Derivatives data shows investors’ resilience considering the absence of excessive demand for bearish bets according to the futures funding rate and the neutral-to-bullish options open interest. Consequently, the odds are favorable for those betting that the $800 billion market capitalization support will display strength.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Litecoin pre-halving fractal hints at 200% LTC price rally by July 2023

Litecoin’s momentum indicators signal extremely oversold conditions, hinting at the formation of a potential market bottom.

The price of Litecoin (LTC) could skyrocket by up to 200% by July 2023, coinciding with its halving event, reducing miner block rewards by 50%.

Litecoin has bottomed out?

Litecoin has undergone two halvings since its launch in October 2011. The first one occurred in August 2015, which reduced its block reward from 50 LTC to 25 LTC. The second happened in August 2019, which slashed the 25 LTC reward to 12.5 LTC.

Interestingly, each Litecoin halving event occurred after a volatile LTC price cycle, namely an enormous price pump, followed by a similarly massive correction, a price bottom, and recovery to a local top.

After the Litecoin halvings, LTC’s price corrected from its local top, established another bottom and followed it with another massive price rally to a new record high, as shown below,

*LTC/USD weekly price chart featuring halving fractals. Source: TheScalpingPro*

Litecoin’s third halving is scheduled to occur sometime in July 2023. Meanwhile, market analysts are already pointing out that LTC’s price is undergoing the same pre-halving trajectory as before the 2011 and 2019 events, now in the bottoming-out stage.

The Scalping Pro, an independent market analyst, added a dose of MACD and RSI momentum indicators to support the bullish outlook. Momentum indicators determine an asset’s oversold and overbought conditions to predict potential trend reversals.

On a weekly timeframe, LTC’s RSI and MACD have turned extremely oversold, which coincided with market bottoms ahead of the previous halving events. Thus, the analyst considers it a strong cue for another major LTC price rally.

#LTC x RSI + MACD (1W) 2/5

Everytime WEEKLY RSI entered the oversold zone with MACD crossover below the zero line

It has marked #Litecoin bottom historically.

Past preformance –
2015 ~ +36246%
2019 ~ +1333%
2022 ~ ??? pic.twitter.com/fRbY4VAkuf

— Mags.eth (@thescalpingpro) November 2, 2022

Will LTC price reach $180 by July 2023?

Litecoin may see a new local top if it has indeed bottomed out near $40 in June 2022.

Drawing Fibonacci retracement graphs between Litecoin’s pre-halving correction peaks and bottoms highlights the likelihood of testing the 0.236 and 0.382 Fib lines as their upside targets.

*LTC/USD weekly price chart featuring Fib line targets. Source: TradingView*

For instance, in 2011, Litecoin established its local top at the 0.236 Fib line near $10 in July, six months after bottoming out near $1.31.

*LTC/USD weekly price chart featuring pre-1st-halving trend. Source: TradingView*

In 2019, LTC price formed its local top at the 0.382 Fib line near $340 in June after bouncing from around $21 in December 2018.

*LTC/USD weekly price chart featuring pre-2nd-halving trend. Source: TradingView*

In the current scenario, Litecoin’s 0.236 and 0.382 Fib lines coincide with approximately $130 and $180, respectively.

*LTC/USD weekly price chart featuring pre-3rd-halving trend. Source: TradingView*

These levels could become potential local tops if Litecoin confirms $40 as its bottom. In other words, a 100%-200% price rally by July 2023 when measured from the current price levels.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.