If Litecoin breaks here, $150 imminent
- Final major resistance for Litecoin (LTC).
- Move higher is imminent.
$150 is just around the corner
Litecoin is certainly the leader of this cryptocurrency rally. It’s easy to believe that Bitcoin has been the primary leader of new bull phase, but that’s mostly due to name recognition, familiarity bias and the fact that Bitcoin makes up almost 60% of the market cap. However, Bitcoin has consistently lagged behind one major cryptocurrency: Litecoin. That same cryptocurrency has been the primary mover and leader of this market. Just yesterday, we saw Bitcoin move lower to almost -3% for the day – but Litecoin traded higher against both Bitcoin and the US Dollar. The same is true for today’s trade. Today, Litecoin has again outperformed both Bitcoin and the US Dollar – Litecoin is trading up against Bitcoin by +1.80% and against the US Dollar by +2.42%. Litecoin has certainly had some difficulty moving up beyond the $140 area – but that’s about to change.
4/8th Inner Harmonic
Litecoin (LTC) has been halted from moving higher by two – but really one – pieces of natural resistance. It is trading up against the 45-degree angle, which means Litecoin is in equilibrium. But the real resistance is the natural harmonic level of $139.88, which is the 4/8th inner harmonic. This level is the exact 50% level between the 2/8th Major Harmonic at $112.5 and the 3/8th Major Harmonic at $167.25. The 4/8th inner harmonic is the single most difficult level for Litecoin to break above on the current chart. But it appears Litecoin is about to break that level. But I don’t think Litecoin will rest for very long when it gets to $150. Litecoin’s next area of resistance is the 6/8th inner harmonic at $153.56. This is a strong pivot level where it is perfectly natural to experience resistance – but given a break of the $150 level is a psychological level, I believe it will move up all the way to the 3/8th Major Harmonic at $167.25. But even then, the amount of euphoria, FOMO and excitement will more than likely put Litecoin halfway to its all-time high at the 4/8th Major Harmonic, $222.00.
In all likelihood, Litecoin will continue to lead this market. Between Bitcoin, Litecoin and Ethereum – I believe Litecoin has the easiest and most obvious path to breaking and breaching its prior all-time high. From there, it appears obvious that the $500 value area will be tagged and that %500 will be the next major resistance zone until Bitcoin, Ethereum and the rest of the cryptocurrency market catches up to Litecion.