Launch of LitePay Could Send Litecoin Over $300

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+:

Litecoin (Daily)

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).

 

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the 321Ethereum website do not necessarily reflect the views of 321Ethereum LLC, publisher of 321Ethereum.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Cryptocurrencies can easily lose 100% of their value. It’s your money and your responsibility.

Comments

  1. Pingback: The Best in Crypto – 2/26/18 – 321Ethereum

Leave a Reply

Your email address will not be published.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