As investors prepare for the much awaited launch of LitePay on Monday, Litecoin is on the verge of a highly significant breakout from a bullish cup & handle pattern that would offer a technical target of $300+:
A breakout above the ~$250 level would target a move up to the $300-$320 area. While cup & handle patterns are definitely not my favorite bullish breakout patterns, the significance of the $240-$250 support/resistance zone cannot be overstated. Therefore, a breakout above $250 is likely to mean that Litecoin is embarking on the ‘3rd wave’ (using an Elliott Wave 5-wave count) of the rally which began when a double-bottom was put in place at $107 on February 6th.
Litecoin founder Charlie Lee even took to Twitter earlier in the day to predict a “flappening” would take place in 2018:
Litecoin is currently #5 in cryptocurrency market capitalization at US$12.98 billion while Bitcoin Cash is #4 at US$20.06 billion. If the flappening is to occur it will either mean Litecoin will appreciate 60%+ or Bitcoin Cash will decline more than 40%, OR a combination of the two will occur. My guess is that Mr. Lee sees Litecoin heading back up to its all-time highs near $400 fairly soon (at US$400 Litecoin would have a ~US$22 billion market cap).
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