• Sat. Feb 24th, 2024

Litecoin prediction as price corrects above a breakout zone

  • Litecoin has corrected 6% after a bullish week

  • Crypto analyst Peter Brandt thinks LTC printed a bullish pattern

  • The cryptocurrency remains bullish and could embark on an uptrend after the correction.

Litecoin (LTC/USD) has been gaining strength in the last one week. As CoinJournal reported, the recovery could be contributed by the next Litecoin halving event. The gains saw it initiate a breakout that has been pushing prices higher. However, the price of LTC is correcting, with an intraday loss of 6%. Will the downturn continue?

Veteran crypto trader Peter Brandt believes LTC has initiated a classic charting pattern for an upside. According to the analyst, the appearance of a bullish double pattern followed by an uptrend is a major trend change signal. Brandt says LTC completed the same pattern in November before embarking on a rally that returned 65%.

Brandt further explains why the double bottom for LTC is a classic one. He says, often, traders tend to mislabel double bottoms. In his view, double bottoms need months between lows. He says the depth of the pattern should be more than 20% of the price of the market.

LTC corrects slightly after a bullish breakout

LTC/USD Chart by TradingView

A technical outlook shows that LTC buyers are still in control despite the price slowing from the $80 level. The daily chart shows a short-term bullish trendline has developed since the double bottom at $50.

The MACD indicator is bullish. The RSI has slowed slightly since the cryptocurrency hit overbought levels as the price reached $80. The bulls are still in control as the RSI remains above the midpoint.

What next for LTC?

Litecoin price is in a correction phase rather than a bearish movement. $64 will remain the reference support should LTC continue to correct downsides. However, the area around $70 should also form a crucial bullish reversal zone.

LTC price target remains at $95 in the medium term. This is the established resistance zone. Investors can hold or buy LTC to the level as long as the bullish momentum remains.

Where to buy LTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


Buy LTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.


Buy LTC with OKX today

The post Litecoin prediction as price corrects above a breakout zone appeared first on CoinJournal.