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Litecoin's Next Target Is Set at $400 by Veteran Trader Peter Brandt

Wed, 11/10/2021 - 12:31
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Arman Shirinyan
Peter Brandt believes that Litecoin is going to test the next major resistance, which is currently "sitting" at around $400
Litecoin's Next Target Is Set at $400 by Veteran Trader Peter Brandt
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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.

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.

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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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.