Will Litecoin be the next cryptocurrency to steal the spotlight? According to Peter Brandt, this could definitely happen.
The legendary trader notes that the O.G. altcoin has formed an inverse head-and-shoulders pattern.
A breakout from the aforementioned formation could take LTC to its Feb. 20 high of $247, says Brandt.
However, he also warns that head-and-shoulders patterns could “fail” or “morph.” The current one would be invalidated in case of a drop below the $180 level.
Litecoin is currently trading at $194 on the Binance exchange after spiking over three percent.
Charlie Lee throws cold water on the NFT craze
Last week, Litecoin creator Charlie Lee has weighed in on the excitement surrounding non-fungible tokens (NFTs), calling their value into question:
Part of the value of owning a collectible is the prestige to be able to say only I own it and can display the collectible. And no one else in the world can do that. NFT reduces that value to only I own and can display the certificate of authenticity.
Prior to that, Lee also compared NFTs to the infamous initial coin offering (ICO) boom in 2017.