Litecoin’s Value Could Drop To $77 After Forming Inverted H&S

Litecoin’s value could drop to $77 as it plummeted yesterday after recently reaching $79 so now the traders are worried despite their bullish sentiment as the look at the technical analysis. In our Litecoin price news, we are reading more about it.

The litecoin price has doubled since 2020 started and it increased from $40 in early January, reaching $79 just a few days ago according to the data from Coinmarketcap. Litecoin’s value plummeted all of a sudden right as the Bitcoin price from above the $10,000 price point. At that time, the Litecoin price was trading at $61 on CMC but the traders believe that the litecoin price could reverse soon and reach the $77 level after it forms an inverted head and shoulders pattern.

The crypto analyst CryptoWolf, took to his twitter page to share his bullish LTC prediction and he believes that Litecoin could form multiple Inverse head and shoulders pattern and hit the $77 level. He tweeted:

 “LTC. Bearish target hit @ 62$. Possible formation of multiple iHS with neckline at 77.50. Picture from VIP video update released the 16th Feb.”

The crypto trader @TraderSmokey also posted a LTC chart saying that the coin could rise to the $0.007971 BTC level and stated:

“Decent level to buy some spot imo”

Earlier this week, the founder of the platform Charlie Lee shared a lot of criticism of the Ethereum-based DeFi ecosystem. This happened right after the DeFi lending dApp bZx that was hacked and then was forcefully shut down along with the Fulcrum for trading on which it was used. In just a few days, the second hacks happened and the hack totaled about $1.2 million worth of Ethereum. Lee continued that the DeFi apps can be closed down if a centralized party was to interfere and he said that they cannot repair it unless DeFi becomes more centralized.

As per the recent litecoin price news, we can see that despite the brutal retracement which the cryptocurrency news and market saw this week, one top analyst is getting bullish on Litecoin (LTC) and starting to invesigate the technicals around the coin. As we can see now, Litecoin prints many buying signals and there is an array of technical factors which favor the cryptocurrency.