Litecoin (LTC) remains a key player in the market. Recent trends suggest that Litecoin might be gearing up for a significant price movement. Let’s dive into the details.
Litecoin’s price pattern since the June low indicates a potential impulse to the upside, which is a five-wave move. This pattern consists of the first wave peaking in September, the second wave bottoming in November, the third wave potentially peaking in February, and the fourth wave currently ongoing as a triangle with a possible fifth wave to come.
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The fourth wave, where the action is currently unfolding, will be invalidated if the price drops below $65.77. This is a crucial cutoff point, as a drop below this would invalidate the current wave pattern.
The triangle pattern consists of an A wave, a B wave, a C wave, a D wave, and an E wave. The C wave must not go below the A wave low. As soon as the price breaks above the B wave high, which is currently around $103, we can expect a confirmed breakout to the upside that could take the price to $120-$130.
Source: TradingView
Currently, it appears that the price might have bottomed in the C wave, and we could now be in the D wave. The D wave would typically unfold as a three-wave structure, with each wave in the triangle being a three-wave move. Ideally, we should see a five-wave move up first (the A wave), followed by a B wave down and a C wave up.
The ideal target for the D wave is between $85 and $95, leaning more towards the $95 region. However, it’s important to note that the price action is slow and appears to be in a corrective phase.
For this wave count to work out in the short term, the price must not break below $71.40, the low of June 14th. If the price drops below $65.77, the entire triangle pattern is invalidated.
Shiba Inu’s Steady March: Poised for a Parabolic Rise or Just a Crypto Mirage?
The cryptocurrency market has been showing signs of stabilization, with Bitcoin and Ethereum leading the pack. Amidst this, Shiba Inu has been holding its ground, currently ranking 18th on the market cap list. The token has shown resilience, recovering from recent market fluctuations and maintaining a steady price level.
Shiba Inu’s price is currently at 0.50693, up 1.2% in the last 24 hours, and up 1.7% in the last seven days. This stability, even in the face of market volatility, is a testament to the token’s potential.
The market sentiment towards SHIB is neutral, indicating a balanced perspective among investors. This neutrality, coupled with the token’s recent performance, suggests that SHIB is in a strong position to weather potential market storms.
Looking at the broader cryptocurrency market, some significant developments could potentially impact SHIB’s future trajectory. One such development is the potential launch of a Bitcoin ETF on the stock market by BlackRock, a $10 trillion asset manager. This move could increase confidence in cryptocurrencies among traditional investors, potentially boosting the market and tokens like SHIB.
Another factor to consider is the cyclical nature of the cryptocurrency market. Historical trends suggest that the market often experiences dramatic price increases 18 to 24 months after a Bitcoin halving. With the next halving expected in April 2024, we could potentially see a significant market upswing in late 2025.
If these trends hold true, Shiba Inu could experience a “parabolic” rise. A 20x increase from its current price would bring SHIB to 0.012, effectively eliminating a zero from its price and setting a new all-time high.
However, it’s crucial to remember that the world of cryptocurrency is unpredictable, and nothing is guaranteed. While Shiba Inu shows promise,…
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