Litecoin (LTC) has been on a roll for the past few weeks and it has now broken past the 61.8% Fibonacci retracement level and is eyeing the 1.272% Fib level to finish this rally. We saw LTC/USD run into the top of the ascending channel soon after it broke past the 61.8% Fib level but it did not decline sharply. Instead, the price started to rise again after a minor pullback and ran into the trend line resistance once again. The price is expected to do the same once more after a small retracement short term. This next rally would most likely result in a test of the 1.272% Fib level at the top of the ascending channel. That is expected to be the final move to the upside before the next major decline sets in.
The halvening FOMO had a big impact on the price of Litecoin (LTC) and we saw the price rise aggressively when the mainstream media started talking about Litecoin (LTC)’s next halvening in August, 2019. We are still a long way from August but considering that Litecoin (LTC) is not a big enough cryptocurrency to be a bought on OTC markets, most of the buying and selling is done on exchanges and when some traders started to see the whales accumulating large amounts of Litecoin (LTC) they followed. This led to the herd following both the whales and the professional traders and the price of Litecoin (LTC) shot up until it topped out on most time frames. Please note that whenever the whales want something so bad, they want to create a negative experience.