Pseudonymous crypto trader Smart Contracter tells his 214,300 Twitter followers that BTC alternative Litecoin is breaking out of its accumulation phase as the altcoin surges past $77.32.
“LTC of all coins trying to break out of a rather large accumulation. Of all things I wasn’t expecting LTC to be the one to do things.”
The strategist says the price breakout is due to Litecoin’s upcoming halving event, which will cut mining rewards for LTC in half and reduce the number of tokens that get put into circulation.
Previously, he had said that the token’s price pattern is similar to that of Bitcoin prior to the leading crypto asset’s halving events.
“Statistically BTC tends to bottom around 500 days before halving so With that in mind this accumulation breakout [of] LTC starts to make sense considering this accumulation is already three months old and there’s only 227 days until the LTC halving.”
Smart Contracter says LTC could surge to around the $98 price level. At time of writing, the altcoin is changing hands for $77.95.
“LTC is showing a beautiful acceptance ABOVE multi-month accumulation breakout, greatly reducing the chance of a fakeout imo [in my opinion]. We’re still a whopping 25% away from any decent structure/resistance as well.”
As for Ethereum, the analyst says he’s bullish on the leading smart contract platform as it was recently able to convincingly reverse course past a diagonal resistance line.
“So far, so good assuming a range here on BTC and ETH.”
ETH is currently trading for $1,200 at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Featured Image: Shutterstock/Jorm S