In a video by C-Zar from the YouTube channel C-Zar Gets Crypto, a bullish outlook for Litecoin was presented, suggesting a price rally could be on the horizon for February.
However, C-Zar addresses the narrative that Litecoin is no longer relevant by pointing out Litecoin usage in everyday transactions. Based on his analysis, LTC is still one of the most practical cryptocurrencies for merchant acceptance. Despite this, the general sentiment has led to Litecoin being undervalued, setting the stage for potential growth.
Historical Performance and Short-Term Predictions
Reflecting on Litecoin past performance, C-Zar acknowledged that the last cycle did not see new all-time highs, leading to a period of consolidation. Yet, he used this as a foundation to discuss both short-term and long-term price movements.
At the time of the video, LTC was trading at around $115, C-Zar identified Litecoin price action as forming an ascending triangle pattern, suggesting an imminent upward movement. While he predicts Litecoin might not break through the top of this range immediately, he anticipates an approach towards previous highs, similar to the behavior seen with other cryptocurrencies like XLM. C-Zar boldly predicts that within the next three days and 20 hours, LTC price could surpass $150, setting a short-term target.
Long-Term Predictions and Consolidation Phase
C-Zar’s long-term prediction for LTC price could reach between $270 and $320 by the end of February. C-Zar analyzed the Fibonacci retracement levels to set more precise targets. He posits that Litecoin might not stop at the golden ratio but could extend to the 0.786 or 0.886 Fibonacci levels.
This analysis leads to a minimum target of $251 and a maximum of $3,177, although he considers the lower end more likely within the next five weeks, potentially even sooner.
Short-Term Adjustments and Market Sentiment
Adjusting his timeline slightly, he suggested that if not within five weeks, then within four and a half or even three weeks, the LTC price could hit $250 or more. His confidence stems from the current market sentiment and technical indicators, with the only caveat being that Litecoin might exceed these expectations.
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On a monthly timeframe, C-Zar noted that Litecoin’s Relative Strength Index is above 60, signaling bullish momentum. He noted that entering the overbought zone has historically preceded significant growth for Litecoin, recalling the impressive gains during the 2017 cycle and a substantial increase in the last cycle.
C-Zar ends his analysis with an assertion that big things are coming for Litecoin, setting a near-term target of $125 by the end of the day and a February target range of $250 to $320 or higher.
