Advertisement
  • Home
  • Bitcoin
  • Cardano
  • Dogecoin
  • Ethereum
  • Ripple
  • Litecoin
No Result
View All Result
No Result
View All Result
Home Litecoin

Litecoin grapples with ‘double high’ dangers after LTC value rallies 37% in November

October 17, 2022
in Litecoin
Litecoin grapples with ‘double high’ dangers after LTC value rallies 37% in November

A 37% November value rally in Litecoin (LTC) dangers exhaustion because the “silver cryptocurrency” hints at forming a double high chart sample.

The basic bearish reversal setup seems when the value kinds two consecutive peaks of virtually the identical top, with every upside transfer assembly with a powerful correction towards a standard assist stage, known as the “neckline.”

Typically, the value breaks under the assist and falls by as a lot as the utmost top between the double high’s peak and neckline.

So it seems, Litecoin is midway via forming a double high sample, as proven within the chart under.

LTC/USD four-hour value chart that includes “double high” sample. Source: TradingView

In element, LTC’s value peaked out on Nov. 10 close to $295.50 — the primary high — earlier than correcting decrease towards the neckline assist of round $249. That adopted up with a rebound to $280 — the second high — finally attracting profit-takers to trigger a minor correction, which remains to be underway.

Litecoin would want to increase its selloff to retest the neckline. Meanwhile, breaking under the assist stage would activate the double high breakout setup, with the revenue goal sitting close to $200.

The Bitcoin correlation

Litecoin’s bearish reversal sample is rising when inflation within the United States has surged to a three-decade excessive, prompting buyers to hunt a hedge throughout varied monetary devices.

For occasion, essentially the most actively traded gold futures these days posted to its finest week in six months, leaping 2.9% to $1,868.50 per troy ounce, after the U.S. Labor Department reported a rise within the shopper value index (CPI) by 6.2% year-over-year. That marked the fifth-straight month of inflation above 5%.

Many buyers and/or merchants turned to Bitcoin (BTC) after perceiving it as a security web towards rising inflation, famous Wilfred Daye, head of Securitize Capital — the asset-management arm of Securitize Inc — admitting that individuals have picked the cryptocurrency as a hedge regardless of its regarding value volatility.

“We don’t have lengthy sufficient historical past to say Bitcoin is certainly an inflation hedge,” Daye stated, including:

“I might argue that gold is a greater inflation hedge nonetheless. But Bitcoin as an inflation hedge is a brand new attractive idea — individuals love new concepts.”

Bitcoin’s progress has additionally helped altcoins rise in tandem due to its broader affect throughout the crypto market. Litecoin has been one of many beneficiaries of the rally, with its one-year correlation effectivity with Bitcoin standing at 0.71 above zero, per information collected from Cryptowatch.

LTC/USD versus BTC/USD four-hour value chart. Source: TradingView

As a end result, issues over persistently greater inflation have acted as a tailwind for Litecoin good points via Bitcoin. That might considerably play spoilers for the bearish double high setup introduced above — and validate a bullish sample that has been lively since final weekend.

Litecoin “bull pennant” places LTC goal at $350

Dubbed a bull pennant, the bullish continuation sample seems when the value consolidates sideways inside a triangular construction after a powerful rally upward. Traders verify a bullish breakout when the value breaks above the triangle’s higher trendline with robust volumes.

Related: Litecoin hits 6-month excessive as LTC value soars 20% in 24 hours

In doing so, they eye the extent at size equal to the peak of the earlier uptrend (aka flagpole) as their revenue goal. As a end result, Litecoin’s value eyes an prolonged upside transfer towards $350, as proven by way of the setup within the chart under.

LTC/USD 4-hour value chart that includes bull pennant setup. Source: TradingView

Meanwhile, failing to have a decisively bullish follow-through dangers activating the double high setup. That brings the “multi-month ascending trendline assist” within the image as the following draw back goal ought to there be a bearish breakdown transfer; coincidentally, the goal can be close to $200.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer includes threat, it’s best to conduct your individual analysis when making a call.

ShareTweetShare

Related News

Huawei NFTs, Toyota’s hackathon, North Korea vs. Blockchain: Asia Express 
Litecoin

Huawei NFTs, Toyota’s hackathon, North Korea vs. Blockchain: Asia Express 

February 3, 2023
Is the Metaverse actually turning out like ‘Snow Crash’?
Litecoin

Is the Metaverse actually turning out like ‘Snow Crash’?

February 2, 2023
Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame
Litecoin

Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame

February 1, 2023
20 wild makes an attempt to create crypto micronations or communities
Litecoin

20 wild makes an attempt to create crypto micronations or communities

January 31, 2023
Asia Express: China’s NFT market, Moutai metaverse fashionable however buggy…
Litecoin

Bithumb in turmoil, Binance’s 47K regulation requests, Axie gamers down 85%: Asia Express

January 30, 2023
FTX collectors checklist, BlockFi $1.2B publicity and new Celsius token: Hodler’s Digest, Jan. 22-28
Litecoin

FTX collectors checklist, BlockFi $1.2B publicity and new Celsius token: Hodler’s Digest, Jan. 22-28

January 29, 2023

Most Read

Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter?

Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter?

August 21, 2022
Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided

Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided

August 21, 2022
Block by block: Blockchain know-how is remodeling the actual property market

Block by block: Blockchain know-how is remodeling the actual property market

August 21, 2022
Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100

Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100

August 21, 2022
If Ethereum Falls Below $1,000, Here’s The Next Support

If Ethereum Falls Below $1,000, Here’s The Next Support

August 21, 2022
  • Home
  • DMCA
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
  • Contact

Copyright © 2022 Randomlemons | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Cardano
  • Dogecoin
  • Ethereum
  • Ripple
  • Litecoin

Copyright © 2022 Randomlemons | All Rights Reserved