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Litecoin Could Be Next Altcoin to Rally, According to Peter Brandt

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Tue, 03/09/2021 - 18:58
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Alex Dovbnya
Peter Brandt claims Litecoin could revisit its February high
Litecoin Could Be Next Altcoin to Rally, According to Peter Brandt
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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.

Litecoin
Image by @PeterLBrandt

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.

Related
Uniswap (UNI) Zeroing In on XRP After Surpassing Litecoin (LTC)

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.