Litecoin’s six-month high is reached as LTC prices soar 20% in 24 hours

LTC/USD is still at risk of price correction, as it shows a classic bearish pattern.
Litecoin (LTC), which has seen daily gains of almost 20% since Nov. 9, is the highest level for LTC/USD in over a year, amid a larger cryptocurrency market rally that analysts attribute inflation fears. Markets are being shaped by low real yields and the need for inflation hedges. pic.twitter.com/xN0Athssng– Holger Zschaepitz (@Schuldensuehner) November 9, 2021

The price of the 14th largest digital asset jumped by just over 25% in three days, pushing it to nearly $250 on Coinbase. The total value of cryptocurrencies climbed to nearly $3 trillion in three days, pushing its price to almost $250 on Coinbase. Data from Cointelegraph Markets Pro shows that similar upbeat moves were made by top digital asset executives. Bitcoin (BTC), the largest cryptocurrency by market capital, rose to a record high Tuesday at $68,500. The performance of the top fifteen cryptocurrency in the last 24hrs was also record-breaking at $4,840 Source: TradingViewNonetheless, only a few top alternative cryptocurrencies (altcoins) fared better against Bitcoin in the previous 24 hours, including Litecoin. Messari’s data showed that LTC/BTC, the most traded cryptocurrency, surged nearly 14% in the past 24 hours, indicating a rise of capital migration to Litecoin markets. Source: TradingView The price breaks above the Wedge’s upper trendline to confirm that it is bullish. Analysts interpret the breakout as a sign to a rally towards the profit goal that sits at length equal the Wedge’s maximum height. LTC/BTC weekly chart with Falling Wedge setup. Source: TradingViewLitecoin’s latest gains saw its price rise above its Falling Wedge upper trendline, indicating potential for further upside. The profit target is now at 0.006122 BTC. The Litecoin chart showed a bearish divergence in its rising prices and falling volumes over the past three weeks. This indicates that the Falling Wedge breakout may become weaker. Another Litecoin wedge but bearishThe Litecoin prices in U.S. dollars have risen by more than 150% since hitting a low of $103 on July 20, 2017. The “silver to Bitcoin’s gold” cryptocurrency’s huge upside move has also triggered a bearish reversal outlook. This pattern, known as the Rising Wedge is completely opposite of that of the Falling Wedge. It starts wider at the bottom, but contracts as the price rises. Source: TradingView. The Wedge target may shift from anywhere between $117 and $21. Source: TradingView Depending on where Litecoin initiates a negative breakout, the Wedge target could shift from anywhere between $117 to $21. In the opposite, a decisive breakout above $250 could invalidate the Rising Wedge pattern and set LTC on its way to test $300. You should do your own research before making any investment or trading decision.

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