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Litecoin’s 2020 rally has begun to reach a fever pitch as the crypto shows signs of entering yet another upwards leg that allows LTC to set fresh year-to-date highs.
Litecoin’s rally over the past several weeks has allowed it to put significant distance between its recent lows of $50 and its current price of just over $70.
This upwards momentum may just be getting started, however, as analysts are noting that the crypto is showing signs that it is currently in the early stages of its next parabolic rally.
Litecoin Breaks Above $70 as it Outperforms the Crypto Markets
At the time of writing, Litecoin is trading up over 5% at its current price of $71, which marks a notable climb from its daily lows of under $69 that were set in tandem with Bitcoin’s drop to lows of $9,200.
Although Litecoin has been generally tracking the trends seen by BTC and the aggregated crypto markets, it has been outperforming them, which is elucidated by the fact that it is currently trading up 4.6% against its Bitcoin trading pair.
Today’s climb was important for LTC bulls, as it invalidated a potentially bearish tweezer top that the crypto has formed yesterday.
Big Cheds, a popular crypto analyst on Twitter, spoke about bull’s ability to thwart this bearish pattern today, explaining that the formation will be invalidated if it closes above $69.89.
“Litecoin daily – Bulls charging forward, invalidating yesterday’s tweezer top with a potential close above $69.89,” he noted.
$LTC #Litecoin daily – Bulls charging forward, invalidating yesterday's tweezer top with a potential close above $69.89 pic.twitter.com/7O6LovDKeB
— Cheds Trading (@BigCheds) February 1, 2020
LTC is Showing Signs of Starting Its Next Parabolic Uptrend
One interesting observation that should be noted is the fact that Litecoin is currently in the process of forming an incredibly similar bottom formation to the one seen in late-2019, which was followed by a parabolic rally from roughly 0.007 BTC to nearly 0.02 BTC.
This 185% rally could soon be replicated by the crypto based on the fact that it is currently expressing a bottom formation incredibly similar to that seen before this previous parabolic rally.
Hsaka, a popular crypto analyst on Twitter, spoke about this in a recent tweet while referencing the pattern seen on the chart below.
$LTC pic.twitter.com/GkCTCl8qLZ
— Hsaka (@HsakaTrades) February 1, 2020
While considering the historical bullishness of LTC’s recent technical formation, it does appear to be increasingly likely that the crypto soon incurs a notable uptrend that potentially allows it to post massive gains against its USD trading pair.
Featured image from Shutterstock.
