The cryptocurrency market continues to really feel the darkness of crypto winter, but it surely could possibly be Litecoin bringing the blossom of a brand new bull pattern, in line with a an eerily comparable fractal present in LTCUSD each day worth charts.
The fractal sample developed following the latest pullback, and seems to have an analogous construction to a significant bull market breakout. May this be the sunshine on the finish of the tunnel for cryptocurrencies?
Hawkish Fed Dims Litecoin Rally, However A Fractal Offers Hope
After a stellar month main the market with 40% returns for November, Litecoin has given again practically half of that to this point in December.
LTC had been on a tear, outperforming prime cash like Bitcoin and Ethereum, and clawed its approach nearer towards making it again into the highest ten cryptocurrencies ranked by market cap.
However the higher market pullback stemming from a hawkish Fed assembly this month, brought on a failure to liftoff in Litecoin.
Nevertheless, the invention of a worth motion fractal in LTCUSD might recommend this current pullback wasn’t essentially a failure, however a refueling of types — earlier than taking off in a good stronger rally.
The worth motion is strikingly comparable then versus now | LTCUSD on TradingView.com
Evaluating Worth Motion Then Vs Now: Will Bulls Get A Break?
The fractal begins on Black Thursday in March 2020 — a black swan occasion few noticed coming. Litecoin rebounded and the fractal fashioned.
Not like Bitcoin, which made a decrease low throughout the FTX, LTCUSD hasn’t, and as an alternative has adopted the identical sample from 2020 nearly flawlessly.
Worth following the fractal additional might result in some minor continued draw back, however finally holds at resistance turned assist. If the present pullback proves to be a retest and holds, a extra apparent rally might materialize.
Failure would nearly definitely ship Litecoin again towards 2018 lows and doubtlessly past, making the fractal amongst one in every of Litecoin bulls’ greatest hope for a redemption rally.
Importantly, a concurrent reversal happening within the LTCBTC and LTCETH buying and selling pairs seem to point energy within the altcoin relative to the highest two crypto belongings. Nevertheless, there isn’t a telling what this would possibly imply for the total market presently.
