{"id":521475,"date":"2022-12-05T16:28:41","date_gmt":"2022-12-05T13:28:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/litecoin-eyes-100-after-rare-ltc-price-breakout\/"},"modified":"2022-12-05T16:28:41","modified_gmt":"2022-12-05T13:28:41","slug":"litecoin-eyes-100-after-rare-ltc-price-breakout","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/litecoin-eyes-100-after-rare-ltc-price-breakout\/","title":{"rendered":"# Litecoin eyes $100 after &#8216;rare&#8217; LTC price breakout"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e4f69e347f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e4f69e347f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/litecoin-eyes-100-after-rare-ltc-price-breakout\/#%E2%80%9D_Litecoin_eyes_100_after_%E2%80%98rare_LTC_price_breakout_%E2%80%9C\" >&#8221; Litecoin eyes $100 after &#8216;rare&#8217; LTC price breakout &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/litecoin-eyes-100-after-rare-ltc-price-breakout\/#LTCs_not-so-bearish_symmetrical_triangle\" >LTC&#8217;s not-so-bearish symmetrical triangle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/litecoin-eyes-100-after-rare-ltc-price-breakout\/#Why_is_Litecoin_price_up\" >Why is Litecoin price up?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/litecoin-eyes-100-after-rare-ltc-price-breakout\/#The_bearish_take\" >The bearish take<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Litecoin_eyes_100_after_%E2%80%98rare_LTC_price_breakout_%E2%80%9C\"><\/span>&#8221; Litecoin eyes $100 after &#8216;rare&#8217; LTC price breakout &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-471f9776>Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"LTCs_not-so-bearish_symmetrical_triangle\"><\/span>LTC&#8217;s not-so-bearish symmetrical triangle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>LTC&#8217;s price broke out of what earlier <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to be a bearish symmetrical triangle.<\/p>\n<p>Symmetrical triangles are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend.\u00a0<\/p>\n<p>Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions.\u00a0Ideally, the LTC\/USD pair could have resolved the pattern by breaking below its lower trendline.<\/p>\n<p>But instead, it broke above the upper trendline in early November, as shown below. According to Edwards and Magee, the authors of <em>Technical Analysis of Stock Trend<\/em>, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend\u00a0reversals.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/6761ac0d-784e-494f-96c7-215d15161b6a.png\"><figcaption style=\"text-align: center;\"><em>LTC\/USD three-day price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022. <\/p>\n<p>This upside target is measured after calculating the distance between the triangle&#8217;s upper and lower trendline and adding the output to the breakout point (around $58 in Litecoin&#8217;s case).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_is_Litecoin_price_up\"><\/span>Why is Litecoin price up?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Litecoin&#8217;s symmetrical triangle breakout move started in late October. It coincided with MoneyGram&#8217;s announcement that it would enable users to purchase, store, and use LTC alongside Bitcoin (BTC) and Ether (ETH) for payments.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/e78d59ee-5725-4ecd-b7b7-a6d33003a798.png\"><figcaption style=\"text-align: center;\"><em>LTC\/USD three-day price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The LTC breakout lost momentum due to the FTX collapse in the first week of November and its negative impact on the broader crypto market. But, Litecoin resumed its upward trend amid speculations about its reward halving in the summer of 2023.<\/p>\n<p><strong><em>Related:\u00a0Litecoin hits fresh 2022 high versus Bitcoin \u2014 But will LTC price \u2018halve\u2019 before the halving?<\/em><\/strong><\/p>\n<p>&#8220;Litecoin tends to rally in the months leading up to the halving,&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/seekingalpha.com\/article\/4554413-litecoin-rally-in-the-making\">noted<\/a> market analyst, The Digital Trend, in his SeekingAlpha op-ed, adding:<\/p>\n<blockquote><p>&#8220;Then, the price tends to stabilize before entering a lengthier and more substantial bull market. Then, around halfway through the cycle, Litecoin enters a bearish\/distribution phase like Bitcoin.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/6da459d5-844a-4cca-a1af-021f6034a3f1.png\"><figcaption style=\"text-align: center;\"><em>LTC\/USD price performance before and after halving. Source: TradingView\/The Digital Trend<\/em><\/figcaption><\/figure>\n<p>Litecoin&#8217;s price could reach $180 by July 2023 if the halving fractal plays out as intended, as Cointelegraph covered here.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_bearish_take\"><\/span>The bearish take<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Conversely, Litecoin can see a short-term correction as its three-day relative strength index (RSI) is turning &#8220;overbought.&#8221; The trigger for the downside move could be the RSI crossing above 70 from its current reading of 68, as shown below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/e0a1a14c-d2b1-4367-8a22-1e7b270bdcbe.png\"><figcaption style=\"text-align: center;\"><em>LTC\/USD three-day price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>LTC&#8217;s price downside target comes to be at around $40 in the event of a correction trend, down about 50% from current price levels.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/litecoin-eyes-100-after-rare-ltc-price-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Litecoin eyes $100 after &#8216;rare&#8217; LTC price breakout &#8220; Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days. LTC&#8217;s not-so-bearish symmetrical triangle LTC&#8217;s price broke out of what earlier appeared to be a bearish symmetrical triangle. Symmetrical triangles&#8230;<\/p>\n","protected":false},"author":1,"featured_media":521476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvOGY4MGYzZjMtMDllMi00NjYxLTkzZmEtZDFmNzFhM2Y3MzMwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,78827,75162,76111,74939,82739,78261,73785],"class_list":["post-521475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-halving","tag-litecoin","tag-litecoin-price","tag-market-analysis","tag-moneygram","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/521475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=521475"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/521475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/521476"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=521475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=521475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=521475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}