Regardless of a scarcity of fundamentals, Litecoin seems headed to new highs because it seeks to finish the break of the symmetrical triangle on the every day chart of the LTC/USD pair.
There are indications that the upcoming direct itemizing of crypto change Coinbase may very well be the set off for the renewed upsurge in Litecoin, at the same time as Bitcoin costs to which it’s correlated proceed to stagnate round $57,000.
Litecoin has lagged behind Bitcoin and Ethereum by way of year-to-date returns, posting solely a double-digit acquire in 2021 versus the triple-digit features of the 2 aforementioned cash and the quadruple-digit features posted by a number of different altcoins.
Litecoin had spiked 10% in 2016 when it was listed on Coinbase’s GDAX change. It could seem that the LTC/USD pair has some correlation with Coinbase’s fundamentals, which might clarify the pair’s 5.72% acquire on the day of a scheduled replace on the itemizing.
Technical Outlook for LTC/USD
The bullish breakout of the LTC/USD pair is about to be accomplished. The most recent try to ship Litecoin into new file territory is difficult the 228.55 resistance. This resistance must be uncapped with a 3% closing penetration above 228.55 for the value to goal for the earlier all-time excessive at 247.05, which stays the final word barrier for the bulls to beat to realize a brand new file.
The break of this worth stage permits for a continuation of worth motion in direction of the projected measured transfer from the double backside of 28 February and 25 March, someplace at 127.2% Fibonacci extension at 272.53. Above this stage, 289.23 and 313.22 seem like viable targets to the north, being the websites of the 141.4% and 161.8% Fibonacci extension ranges from the swing of 25 November 2020 to 7 January 2021.
However, a failure to interrupt 228.55 convincingly might negate the double backside sample and favour a pullback in direction of 209.13, with 200.60 and 186.82 coming in as further targets to the south.
Litecoin (LTCUSD) Every day Chart
Extra content material