After a week of trending upwards, Litecoin could finally be poised to rally above the $160 target. The coin traded at or above that number for nearly half the year. From the beginning of February until the middle of June, LTC was on a bull run until the entire market’s fall last month.
But, traders around the crypto world are bullish on the coin and its future. Especially considering Litecoin’s ability to make blockchain transactions faster, and more efficient.
One pseudo anonymous trader on twitter, is optimistic that Litecoin will see a rebound to all time highs in the coming months based on fractals. He stated in a tweet yesterday,
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Source: Trading View
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Trading fractals can be very difficult to judge especially with assets like crypto that have not been around for quite as long as traditional stocks so therefore have less plot points for investors to use. However, all analysts can do is use the data available.
For Litecoin, in October of 2017 there was a large drop of 67% in price. Right after that, the crypto took off to all time highs to date. Now, in June of 2021 analysts are seeing that LTC had a 74% drop in price. Could this distinct drop be the trigger for it to take off again to prices yet unseen?
Only the next few weeks can tell but with the market overall potentially reaching its floor in the past few weeks, Litecoin could certainly be on the verge of taking off again.
Beyond just Litecoin taking off, the analyst seems to think other crypto is poised to rise as well. The “old guard,” mentioned in the tweet is probably referring to Bitcoin and other early blockchain or crypto projects, and the analyst seems to think this fractal could mean these other cryptocurrencies will go on a bull run similar to Litecoin in the coming weeks.
Related Reading | Grayscale Loads Up On Litecoin, Dumps BTC & Other Coins, But Why?
Can Litecoin Continue Trends From The Past Week?
It remains to be seen whether Litecoin will continue the bull trends from last week. But, if the fractals shown are correct, we may see another surge in the price of LTC as well as other cryptocurrencies.
With a faster block time and very low transactions fees, Litecoin is perfect for micro transactions and point of sale systems.
A bearish start to the day saw Ethereum slide to a late morning intraday low $2,017.07 before making a move.
The morning reversal saw Ethereum fall through the first major support level at $2,027.
Through the 2nd half of the day, however, Ethereum rallied to a late intraday high $2,159.43.
Falling short of the first major resistance level at $2,232, Ethereum eased back to end the day at $2,156 levels.
At the time of writing, Ethereum was down by 0.28% to $2,150.04. A mixed start to the day saw Ethereum rise to an early morning high $2,166.60 before falling to a low $2,150.04.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $2,111 pivot to bring the first major resistance level at $2,205 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,200 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rebound, Ethereum could test resistance at $2,300. The second major resistance level sits at $2,253.
A fall through the $2,111 pivot would bring the first major support level at $2,062 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level sits at $1,967.
Looking at the Technical Indicators
First Major Support Level: $2,062
Pivot Level: $2,111
First Major Resistance Level: $2,205
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725