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Old-school trader Peter Brandt has posted his first targets on Litecoin after it recently pumped by 43% in the last three days. According to Brandt's technical analysis, the first major resistance for the classic altcoin is at $400.
In his most recent tweet, Brandt said that he is expecting a retest of the 2021 high around $395 dollars. In addition to the tweet, the trader has shared a Litecoin chart in which users can see a break through the resistance line based on the previous high reached in September and the future resistance zone.
Litecoin $LTC has broken above Sep high on expanding volume and WBBs so expect retest of 2021 high at 395 or so. pic.twitter.com/BkG0zjo8dW
— Peter Brandt (@PeterLBrandt) November 9, 2021
The marked resistance zone is correlated with Litecoin's May high of $414. Right after reaching the new ATH, crypto market classic has retraced down by 60% in a matter of days, which led to a massive capitulation out of it.
After a grand retracing and the global sell-off of the cryptocurrency market, most traders lost interest in Litecoin, leaving it moving in a range for the last 170 days.
The most notable action on the chart was noticed on Sept. 13 when a fake announcement about Walmart accepting Litecoin was released, which led to a massive price spike that subsequently disappeared.
Some users noted that the coin's performance against its top competitor, Ethereum, was unacceptable since it resulted in a -91% price action, which means that while Ethereum is constantly going up, Litecoin is either moving in a range or declining.
Vladislav Sopov