A preferred crypto strategist says that Litecoin (LTC) may go on an epic surge earlier than the peer-to-peer funds community’s halving occasion subsequent yr.
Pseudonymous analyst Rekt tells his 329,900 Twitter followers that Litecoin is displaying indicators of energy on the upper timeframe after rallying above its long-term accumulation degree.
In keeping with the crypto strategist, LTC could possibly be mirroring its 2019 worth motion when it rallied from round $70 to $146 in just some months.
“[The] final time LTC carried out a month-to-month shut above the inexperienced historic accumulation space previous to its Litecoin Halving in August 2019 (blue)…
LTC rallied in the direction of the orange resistance to high out simply earlier than the Litecoin halving occasion.”
Based mostly on the analyst’s chart, he seems to be predicting a rally towards $120, suggesting an over 70% upside potential for Litecoin.
At time of writing, LTC is altering arms for $70.31. Litecoin is scheduled to endure its subsequent halving in July 2023.
Taking a look at Ethereum (ETH), Rekt says the main good contract platform is buying and selling inside a variety on the month-to-month chart and says that it should maintain a key assist degree to keep away from one other sell-off occasion.
“Because the summer time rally, ETH has been visibly downtrending (purple).
In truth, purple has compelled ETH to drop beneath $1,325 assist (black).
Seems like black is appearing as resistance once more, similar to in 2017.
Lose $1,062 assist as nicely -> drop to orange space beneath ($843).”
At time of writing, ETH is buying and selling at $1,226, a fractional improve on the day.
One other altcoin on the dealer’s radar is decentralized oracle community Chainlink (LINK). In keeping with Rekt, the following few days are essential for Chainlink because it must reclaim a excessive timeframe assist degree to keep away from witnessing a brand new corrective transfer.
“LINK continues to be consolidating inside this vary, although threatening to lose the vary low as assist.
A month-to-month shut beneath black vary low ($6.27) may set LINK up for a drop into the sub-$5 space (inexperienced field).”
At time of writing, LINK is valued at $6.01, nicely beneath Rekt’s month-to-month assist.
Subsequent is decentralized lending and borrowing protocol Aave (AAVE), which Rekt says appears poised for a deep pullback.
“Macro downtrend nonetheless sturdy (purple diagonal). Additionally, a multi-month downtrend is weighing on AAVE (blue), which is appearing as confluent resistance with the purple field (an outdated assist). Reject right here -> retrace to itemizing worth (black).”
At time of writing, Aave is switching arms for $55.68.
The final coin on the dealer’s listing is Ethereum arduous fork Ethereum Traditional (ETC). Rekt says ETC is probably going headed towards its historic assist degree round $13.
“ETC has dropped -58% since rejecting from the macro downtrend. In truth, ETC might quickly attain inexperienced field. Inexperienced is the place ETC fashioned an accumulation vary that enabled the 2021 bull market. Possible ETC will drop into inexperienced to discover a bear market backside.”
At time of writing, ETC is swapping arms for $16.20.
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