So, there hasn’t been too much of a development since the last time that we covered Litecoin (LTC). Overall, as expected, there was a big price rise leading into the LitePay launch, but as stated – that run needed some time to cool off and that’s why the author originally advocated staying at bay for this coin.
Let’s take a closer look at that chart though:
Currently, the EMA-50 serves as the support for the price here and the LTC-USD 1-day price movement has been affirming this with consistent bumps against the price.
LTC-USD 1-day = Bull Pennant
This is just a brief reminder/study on what a bull pennant is.
One important thing to remember is that this is a continuation pattern.
What does that mean?
A continuation pattern merely means that the price is taking a ‘break’ to put it in non-specialist terms. So, basically instead of the uptrend that it was in, the price moves sideways for a bit and ‘consolidates’ (consolidate = little to no price movement). After this consolidation period occurs – the price is supposed to eventually break out of the pennant (toward the end usually), then head upward.
Here’s what it looks like it in theory.
Here’s what would happen if this path were fulfilled and what the author estimates where the price would/could end up at (just a theory).
So, if you can’t read this – the author has a potential price target of $246 within the next couple weeks – which represents an approximate 17 percent increase. Not too bad.
It remains to be seen whether or not this move will manifest.