Litecoin Surges 11% In 24 Hours, Eyes 900% Gain

Litecoin has experienced a significant surge in its price over the past few weeks, reflecting a broader improvement in the altcoin market. The LTC token has shown strong bullish momentum, surpassing the $100 mark for the first time since mid-May. This upward trend continued, with the price of LTC climbing above the $110 level on Saturday, July 19, marking an exhilarating week for the cryptocurrency.

According to a recent post on the X platform by Chartered Market Technician Tony Severino, the Litecoin price is on the verge of a bullish breakout that could significantly influence its trajectory over the next few months. This projection is based on a multi-year contracting (or symmetrical) triangle pattern observed on the Litecoin 2-week chart. This pattern is characterized by a falling upper boundary and a rising lower trendline, indicating a contraction in price movement towards the apex.

In a symmetrical triangle pattern, the asset price continuously contracts and moves toward the apex. Eventually, the price will breach the upper trendline for a breakout or breach the lower trendline for a breakdown. This chart formation could be a continuation or reversal pattern depending on the break’s direction and the initial trend direction. Historically, symmetrical triangles are often continuation patterns, suggesting that the Litecoin price is likely to continue its upward trend after it breaks out of the current setup.

Severino's analysis suggests that the Litecoin price is preparing to break out of this multi-year symmetrical triangle and could be on track to break above its current all-time high of $410. According to the logic of a contracting triangle formation, the price target is determined by adding the length of the widest point of the triangle to the breakout point. This could imply an over 900% surge in the price of Litecoin over the next few months.

As of the latest update, the price of LTC sits at around $112.5, reflecting a nearly 11% gain in the past 24 hours. This recent performance underscores the potential for further growth, as the cryptocurrency continues to attract attention from investors and traders alike. The bullish outlook for Litecoin, supported by technical analysis and market trends, positions it as a promising asset in the current altcoin market climate.