Litecoin likely to breakout from pennant to $67 by next weekend

November 8, 2019 | By | Reply | 18 Readers More


Litecoin has lately been making quite an effort to push back to its glory days. Recording a 20% rise in price in just over two weeks, LTC had a value of around $60, at the time of writing. According to CoinMarketCap, Litecoin had a market cap of almost $3.9 billion and a daily trading volume of over $3.2 billion. Further, LTC was traded most on CoinEgg exchange; paired up against ETH, its trading volume represented 11.69% of its total trading volume over a 24 hour period.

Litecoin 1-hour chart

Litecoin

Source: LTC/USD on TradingView

The hourly chart for Litecoin showed the price following a clear pennant pattern, oscillating between the trend lines since late-October. The decreasing volume trend over the period also confirmed the pattern, for which downward trending volume occurs 89% of the time. Generally, pennants break out upwards 57% of the time, something which could be a sign of…

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