Here’s why Litecoin price is gearing up for another massive rally.

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Litecoin price has seen significant volatility and corrections over the past few weeks. Despite the downtrend, cryptocurrency analysts believe that LTC will Laying the foundation for another explosive rally. He shared detailed technical analysis and price charts explaining why he believes Litecoin could eventually turn into a bullish position.

Litecoin could be positioning itself for another strong rally. Market structure overall remains the same. Recent analysis by market expert The Penguin (@ThePenguinXBT) shows that LTC’s structure continues to point towards much higher price levels. Volatility and decline It does little to change the overall macro outlook.

Litecoin price is preparing for an explosive rally.

The Penguin shares 4-hour price charts June A detailed analysis of why he believes Litecoin is gearing up for another price surge. He explained that LTC has now swept the October 10th wick, a key technical move that could signal the end of the downtrend. Secure liquidity. At the same time, the chart shows a complete five-wave decline, which appears to be the final leg of Litecoin’s correction.

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Penguin noted that the price of LTC had previously stabilized within a clear horizontal range, then briefly dipped below it, before quickly regaining that level. This bounce occurred near the lower support area around $70, where a sharp sell-off occurred. strong buying pressure. As a result, the price movement has rounded out a recovery from recent lows, which analysts have identified as Litecoin’s final corrective wave.

According to The Penguin, the inner workings of Litecoin’s recent moves suggest two things. The last revision may have been made or there may be a last low for LTC. Either way, he emphasized that the broader setup is still going strong.

Penguin once expected it. Litecoin is about to make its next impulsive moveIt may become difficult for the price to return to its previous trading range. Looking at the rounded recovery line, the chart points toward a likely move to $82. The analyst also highlighted the upper blue resistance level above $86 as a further upside target. If the chart setup plays out as expected, Litecoin’s price could surge more than 17% from its current level of around $70.

The analyst has set an ambitious $1,600 price target for LTC.

In a recent analysis, The Penguin shared New Chart Suggests Litecoin Could Be Ready for: dramatic price rise. The chart highlights the key descending triangle pattern, traditionally known as a bearish continuation signal, especially when formed after a bearish trend.