Tuesday, December 6, 2022

Flawless LTC Chart Pattern Could Lead To “Biblical” Bullish Move: Analysis

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A Flawless LTC chart pattern could lead to a new “biblical” bullish move as the price of the coin is 10% up in the past 24 hours and the recovery has only just begun so let’s read more in our latest Litecoin news today.

The LTC price is up nearly 10% in the past day and the pattern took years to form which could result in a move of “biblical proportions.” the speculative nature of assets like ETH and BTC causes their price action to adhere to the traditional technical analysis pattern fairly well so when movements are less extreme patterns form reliably and after they resolve it tends to change and crypto go parabolic.

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Source LTCUSD on TradingView.com

For example, after the sideways channel in 2017, Litecoin exploded from $4 to $400 in about 250 days and the reason for that is that resolutions in crypto lead to major sentiment changes, and FOMO can ensue. After four years since then, LTC holders waiting for something great that will make the coin rise from the dead. The technically flawless LTC chart pattern called an Adam and Eve double bottom could be the salvation LTC needs and according to the pattern, after the breakout from a resistance lien and completed retest as the crypto called digital silver which should see a move of biblical proportions.

Another pattern could be also brewing in the altcoin once ranked in the top ten cryptos by market cap. If this one is valid, it is called a Livermore Accumulation Cylinder as a return to those ranks is likely. The pattern popularized by market enthusiasts Jesse Livermore suggests that the assets are accumulated in a broadening wedge-shaped pattern and after bouncing a few times, demand overwhelms any available supply and the lack of sellers could send the prices catapulting higher.

The massive move results and what is left on the price chart is a mountain worthy of worship and getting out near the top is needed to preserve more returns or holders of the altcoin could end up stuck waiting another four years or some for the cycle to happen all over again.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]



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