Popular cryptoanalyst Michaël van de Poppe says historical price action suggests peer-to-peer payment network Litecoin (LTC) is preparing for an epic surge.
The crypto strategist tells his 164,000 YouTube subscribers that he believes Litecoin is still positive on the weekly time frame even after the latest corrective move.
“Actually, Litecoin is trending up. So we have a nice uptrend for Litecoin. We have some beautiful levels that we need to monitor where the weekly level around $63 is definitely a level that we should keep an eye on…
Looking at a point of interest for Litecoin itself, the whole block ($63) and indeed the whole level is an area where you want to start getting your position filled if we want to continue this uptrend. In case of another rally towards $100, you will see this level ($63) holding for support and likely receive a bounce towards hit ($80). Then we consolidate and continue to run this.”
At the time of writing, Litecoin is trading hands at $64.75, down over 23% from its December high of $84.73.
According to Van de Poppe, LTC’s recent price action appears to reflect the market structure when it bottomed out in late 2018. The crypto strategist highlights that in December of that year, Litecoin witnessed a 28% pullback before initiating a massive rally.
Van de Poppe says that Litecoin may be in a similar situation and that LTC may 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 saw this sideways action, breakout, came all the way back, took the lows, sideways action, breakout.”
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