According to popular crypto analyst Michaël van de Poppe, past price movements indicate an epic rise could be experienced for peer-to-peer payments network Litecoin (LTC).
First, the crypto strategist believes that Litecoin is still bullish on the weekly timeframe, even after the last corrective move.
“Actually, Litecoin is in an uptrend. So we have a nice uptrend for Litecoin. There are some nice levels to watch, and around $63 a week is definitely a level to watch. (…)
In case of a fresh rally towards $100, you would want to see this level ($63) hold as support and possibly take a bounce here ($80). Then we will continue to do this rally after the consolidation phase.”
At the time of writing, Litecoin is trading at $64.75. The analyst’s target is $100, which indicates a 54 percent increase target for the altcoin.
According to Van de Poppe, LTC’s recent price action seems to reflect the market structure at the time it bottomed out at the end of 2018. The crypto strategist emphasized that in December of that year, Litecoin witnessed a 28% decline before sparking a massive rally.
In summary, Van de Poppe says that a similar situation may occur for the altcoin now and that LTC may continue to rise when the correction is over.
“This is very comparable to what we saw in a price action in 2019 … We saw this sideways move, breakout, comeback all the way, form bottoms, sideways move, breakout.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.