Litecoin (LTC), the 13th largest crypto by market cap, is edging closer to recording a massive breakout per analysis from top TA crypto experts. Similar to the downtrend of Bitcoin (BTC) in 2022, Litecoin (LTC) has plummeted largely this year.
According to CryptoKaleo, a pseudonymous crypto analyst, the peer-to-peer internet currency has been dumping since the year began and he believes a breakout is near for LTC.
Per Kaleo’s analysis of the LTC/BTC chart, LTC is picking up steam to move out of the bearish channel. The chart shows that if LTC breaks the 0.004650 mark ($77.7 worth of BTC), the altcoin could rally to 0.02 on the LTC/BTC ratio chart. At the time of writing, LTC is trading for 0.004685 BTC per coin.
“Alright, starting to believe this is the real deal for $LTC / $BTC. It’s long overdue for a solid pump. Here’s how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish,” CryptoKaleo wrote.
Alright, starting to believe this is the real deal for $LTC / $BTC.
It's long overdue for a solid pump.
Here's how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish. pic.twitter.com/OV9w45ml6H
— K A L E O (@CryptoKaleo) November 23, 2022
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It bears mentioning that CryptoKaleo expects LTC to retrace to around 0.0005 BTC/ LTC after touching the 0.02 mark on the LTC/BTC chart. Going further, he mentioned that LTC has been very bullish in the past couple of weeks, citing that the breakout pattern began in August.
“One of the scariest things in the market rn is how bullish Litecoin looks. Multi-year HTF LTC/BTC breakout, flagging above it on LTF. Basically, when this squeezes higher you’ll have a pretty clear sign that the top of this leg up for the broader market is near,” Kaleo wrote on August 5 alongside the chart analysis.
One of the scariest things in the market rn is how bullish Litecoin looks. Multi-year HTF LTC/BTC breakout, flagging above it on LTF.
Basically when this squeezes higher you’ll have a pretty clear sign that the top of this leg up for the broader market is near. pic.twitter.com/O4o2gpat2p
— K A L E O (@CryptoKaleo) August 5, 2022
Likewise, SmartContracter, an anonymous crypto strategist stated that Litecoin (LTC) which has been in the accumulation stage for a long may likely repeat its historical bull runs in line with the price of Bitcoin. He wrote on his Twitter page saying, “LTC of all coins trying to break out of a rather large accumulation. Of all things, I wasn’t expecting LTC to be the one to do things.”
$ltc of all coins trying to break out of a rather large accumulation 👀👀👀
of all things i wasnt expecting LTC to be the one to do things pic.twitter.com/wYzM58yT9Q
— Bluntz (@SmartContracter) November 22, 2022
“Statistically BTC tends to bottom around 500 days before halving. So with that in mind, this accumulation breakout on LTC starts to make sense, considering this accumulation is already 3 months old and there are only 227 days until the LTC halving,” he added.
Statistically #btc tends to bottom around 500 days before halving so With that in mind this accumulation breakout On $LTC starts to makes sense considering this accumulation is already 3 months old and theres only 227 days until the LTC halving.
Send it.exe pic.twitter.com/xmP1ou9i4U
— Bluntz (@SmartContracter) November 23, 2022
At press time, Litecoin is trading for $77.71 per coin, recording a price increase of over 24% in the last 7 days.
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