Trading

Crypto Analyst Predicts Epic Rally for Litecoin, Updates Outlook on Ethereum, Chainlink and Two Additional Altcoins

A preferred crypto strategist says that Litecoin (LTC) may go on an epic surge earlier than the peer-to-peer funds community’s halving occasion subsequent 12 months.

Pseudonymous analyst Rekt tells his 329,900 Twitter followers that Litecoin is displaying indicators of power on the upper timeframe after rallying above its long-term accumulation stage.

In accordance with the crypto strategist, LTC may very well be mirroring its 2019 worth motion when it rallied from round $70 to $146 in only a few months.

“[The] final time LTC carried out a month-to-month shut above the inexperienced historic accumulation space previous to its Litecoin Halving in August 2019 (blue)…

LTC rallied in the direction of the orange resistance to prime out simply earlier than the Litecoin halving occasion.” 

Image
Supply: Rekt/Twitter

Primarily based on the analyst’s chart, he seems to be predicting a rally towards $120, suggesting an over 70% upside potential for Litecoin.

At time of writing, LTC is altering fingers for $70.31. Litecoin is scheduled to endure its subsequent halving in July 2023.

Ethereum (ETH), Rekt says the main sensible contract platform is buying and selling inside a variety on the month-to-month chart and says that it should maintain a key help stage to keep away from one other sell-off occasion.

“Because the summer season rally, ETH has been visibly downtrending (crimson).

In truth, crimson has compelled ETH to drop under $1,325 help (black).

Seems like black is performing as resistance once more, similar to in 2017.

Lose $1,062 help as properly -> drop to orange space under ($843).” 

Image
Supply: Rekt/Twitter

At time of writing, ETH is buying and selling at $1,226, a fractional enhance on the day.

One other altcoin on the dealer’s radar is decentralized oracle community Chainlink (LINK). In accordance with Rekt, the subsequent few days are important for Chainlink because it must reclaim a excessive timeframe help stage to keep away from witnessing a brand new corrective transfer.

“LINK continues to be consolidating inside this vary, although threatening to lose the vary low as help.

A month-to-month shut under black vary low ($6.27) may set LINK up for a drop into the sub-$5 space (inexperienced field).”

Image
Supply: Rekt/Twitter

At time of writing, LINK is valued at $6.01, properly under Rekt’s month-to-month help.

Subsequent is decentralized lending and borrowing protocol Aave (AAVE), which Rekt says appears poised for a deep pullback.

“Macro downtrend nonetheless robust (crimson diagonal). Additionally, a multi-month downtrend is weighing on AAVE (blue), which is performing as confluent resistance with the crimson field (an outdated help). Reject right here -> retrace to itemizing worth (black).”

Image
Supply: Rekt/Twitter

At time of writing, Aave is switching fingers for $55.68.

The final coin on the dealer’s listing is Ethereum exhausting fork Ethereum Traditional (ETC). Rekt says ETC is probably going headed towards its historic help stage round $13.

“ETC has dropped -58% since rejecting from the macro downtrend. In truth, ETC could quickly attain inexperienced field. Inexperienced is the place ETC shaped an accumulation vary that enabled the 2021 bull market. Possible ETC will drop into inexperienced to discover a bear market backside.”

Image
Supply: Rekt/Twitter

At time of writing, ETC is swapping fingers for $16.20.

Do not Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox

Verify Worth Motion

Observe us on Twitter, Facebook and Telegram

Surf The Every day Hodl Combine

Verify Newest Information Headlines

&nbsp

Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses it’s possible you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in affiliate marketing online.

Featured Picture: Shutterstock/Dmitriy Rybin/WindAwake/Sensvector



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button