Litecoin Halving Event Failed To Boost The Cryptocurrency Rally

Litecoin halving event failed to act as a catalyst for the cryptocurrency and increase the price of the cryptocurrency. The long-anticipated event failed to help the altcoin rally against bitcoin so let’s check the analysis in the altcoin news below.

The recent block reward halving was supposed to help litecoin but it only spiked more arguments for the Litecoin critics. ‘’Trader Max’’ or better known as Bitcoin Jack who is also the lead analyst at Bravado Trading, stated that he believes that the Litecoin price is poised to surge up to 100 percent against the number one cryptocurrency. From a short-term perspective, it seems like the LTC/BTC pair is hanging on barely by the Trader Max noted that the two bullish patterns that could ignite a huge rally.

In a conversation with news outlets, the analyst noted that the formation of a large bullish wedge on the three-day chart is present. What is also more important is that the market is also printing a triple bottom pattern which suggests that the long-term support is staying somewhere at 700,000 satoshis and it is still intact. Trader Max stated:

 “Triple bottom support with a sort of (not the most perfect) falling wedge on dropping volume. We have to assume this green level will act as support again to see price bounce upwards, as the invalidation is very close below and the upside if an uptrend form is quite large.”

The trader also shared the chart in order to illustrate the analysis. If you take a closer look at the chart, it seems as the preservation of the green box could drive the market to the dotted diagonal line and this is the exact area that the trader refers to as an upside of the uptrend motion. The Litecoin halving event failed to boost litecoin’s price but based on the newest analysis the price surge could be as high as 100 percent against bitcoin from the present price. It is easier to buy it close to 700,000 satoshis with the tight stop which could help you secure the maximum financial opportunity. According to the reports in the latest cryptocurrency news, the trader stated that Litecoin could climb as high as 1.4 million satoshis.