Is the digital silver Litecoin likely to be the next altcoin to skyrocket its price and once again reach its February high?
Well, according to famous FX trader Peter Brandt it is going to happen, the CEO of Factor LLC took to Twitter to put out an analysis of the Litecoin price graph.
Barndt notices, the token has completed an inverted head and shoulders pattern, which hints that breakout from the formation will make LTC shoot back up to its previous high in February.
However, he also warns, head and shoulders patterns could sometimes fil or morph, and if the price drops below $180 the breakout is invalidated.
His tweet invoked many replies, some thanking him for his great observation and some ‘Litecoin to the moon’ memes.
Brandt, a few days ago had tweeted, saying Litecoin looks quite impressive, as a reply to a user.
In a recent development for Litecoin token, the Canadian mobile application company Hello Pal has announced a proposed transaction to acquire interests in Litecoin mining.
An initial 15% interest in a cryptocurrency mining facility will be dedicated to Litecoin mining along with dogecoin, and a 51% interest in mining rigs also for Litecoin mining.
With Grayscale acquiring a large amount of Litecoin tokens, institutions like hello pal backing up the mining, and many other analysts predicting the tokens’ rise in the days to come, the near future holds bright and good for Litecoin.
Litecoin, on February 20 was at a high of $247. Now, at the time of writing Litecoin is trading at $194.54 with a market cap of $13.07 Billion.
Will Litecoin be the next big Altcoin to take center stage, the crypto enthusiasts have to wait and witness.