Litecoin (LTC) Price May Hit $77.50 after Forming Inverse Head and Shoulders

News
Thu, 02/27/2020 - 10:30
Yuri Molchan
The seventh most valuable cryptocurrency has plummeted after recently reaching $79, but traders remain bullish based on technical analysis
Cover image via www.shutterstock.com
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The Litecoin price has doubled since the start of the year, rising from $40 in early January to $79.54 on February 24, as per data from CoinMarketCap. Litecoin plummeted following the sudden fall of the Bitcoin price from above the $10,000 mark.

Image via CoinMarketCap

At press-time, the seventh-largest coin is trading at $61.79 on CMC. However, crypto traders believe that the LTC price may reverse soon and hit the $77.50 level after it forms an inverse Head and Shoulders (iHS) pattern.

‘Possible formation of multiple iHS’

Crypto analyst ‘CryptoWolf’ has taken to his Twitter page to share a bullish LTC prediction. He believes that Litecoin may form multiple Inverse Head and Shoulders patterns and hit the $77.50 level. He tweets:

“LTC. Bearish target hit @ 62$.

Possible formation of multiple iHS with neckline at 77.50.

Picture from VIP video update released the 16th Feb.”

Image via Twitter

LTC may rise to the $70 area

Crypto trader @TraderSmokey has posted a LTC chart, saying that the coin may rise to the 0.007971 BTC level ($70.29).

"Decent level to buy some spot imo"
Image via Twitter

Related
Bitcoin (BTC) Trader Who Got 2020 Right Expects 'Wild Price Action' Due to Halving

Charlie Lee accuses DeFi of being centralized

Earlier, Litecoin founder Charlie Lee shared heavy criticism of the Ethereum-based DeFi ecosystem. This occurred after the DeFi lending dApp bZx was hacked and then temporarily shut down along with the Fulcrum for trading on which it was used.

In just a few days, a second hack followed. The culprit's profit after both hacks totaled around $1.2 mln worth of Ethereum.

Lee stated that DeFi apps can be closed down if a centralized party interferes. Further, he said they can't be repaired unless DeFi becomes even more centralized.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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