Litecoin price targets $80 as contrarian bulls step in
- LTC price printing lower highs and higher lows.
- Litecoin price is coiling into a symmetrical triangle.
- Invalidation of the bearish thesis is a breach at 64.06.
Litecoin price action is prepping for a sharp rally to $80 to counterbalance the time-consuming triangle pattern.
Litecoin price aims for $80
Litecoin price is developing subtle bullish cues that could catch bearish traders off guard. The market conditions have been very mundane for the Litecoin price since the initials sell-off on May 12. Many traders have likely eased off the "digital silver" cryptocurrency as trading a sideways range can become time-consuming and yield less profitable returns.
Litecoin price is one of the cryptocurrencies analysts have called to fall into much lower macro targets. However, the ultimate demise of the LTC price does not seem to be in this week's cards. The triangle forming around the Litecoin price can project a target 17% above today's $69 price and land the digital asset at $80. A second target would be $86, which is 17% above wave D at $73. The safer entry will be to wait for a breach at Wave D before entering to avoid a drawdown.
LTC/USDT 3-Hour Chart
Invalidation of the bullish thesis is a breach below wave A at $64.06. If the bears can breach this level, a retest into $52 will be the next probable target resulting in a 25% decrease from the current Litecoin price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
