Popular crypto analyst Michaël van de Poppe says historical price action suggests that peer-to-peer payments network Litecoin (LTC) is gearing up for an epic surge.
The crypto strategist tells his 164,000 YouTube subscribers that he believes Litecoin is still bullish on the weekly timeframe even after its latest corrective move.
“As a matter of fact, Litecoin is trending upwards. So we’ve got a nice upward trend for Litecoin. We’ve got some beautiful levels that we have to monitor on which the weekly level around $63 is definitely a level we should keep an eye on…
When you’re looking at a point of interest for Litecoin itself, this entire block ($63) and actually this entire level is an area where you want to start getting your position filled if we want to continue this uptrend. In the case of new rally towards $100, you want to see this level ($63) hold for support and probably receive a bounce towards here ($80). After which, we consolidate and continue making this run.”
At time of writing, Litecoin is switching hands for $64.75, down over 23% from its December high of $84.73.
According to Van de Poppe, LTC’s recent price action appears to be mirroring its market structure when it bottomed at the end of 2018. The crypto strategist highlights that in December of that year, Litecoin witnessed a 28% pullback before igniting a massive rally.
Van de Poppe says that Litecoin may be in a similar situation and that LTC could continue its ascent once the correction is over.
“This is very comparable to what we saw in 2019 in a price action as well… We did see this sideways action, breakout, came all the way back, taking the lows, sideways action, breakout.”
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