Litecoin price could jump 35% after LTC holders’ accumulation phase nears its end

Litecoin price shows a clear sign of tightening below a crucial hurdle. This development could reveal its intentions on April 10 as the second week of quarter two kickstarts. The formed setup forecasts a bullish outlook for LTC, so investors need to keep a close eye on the altcoin for potential breakouts.

Litecoin price prepares for new week’s volatility 

Litecoin price is hovering inside a bullish pennant formation. This technical setup contains a massive run-up followed by a tight consolidation. In this case, LTC’s 35% ascent between March 11 and 24 formed a flagpole. Following this is the ongoing consolidation in the form of a pennant. Combined, this formation is termed a bullish pennant.

This continuation pattern forecasts a 35% upswing which is obtained by adding the flagpole’s height to the breakout point. For Litecoin price, the breakout point could occur around $92, which reveals a target of $125. 

In addition to breaking out from the bullish pennant formation, Litecoin price needs to flip the $95 hurdle into a support floor. This move will be a secondary confirmation of an upswing. 

LTC/USDT 1-day chart

While the 35% forecast for Litecoin price is based on the bullish pennant formation, a failure to push past the formed setup and the $95 hurdle will signal weakness in the buyers’ camp. 

In such a case, if Litecoin price produces a daily candlestick close below the critical support level at $87, it will invalidate the pennant formation and its bullish thesis.