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However, LTC/USD is susceptible to a price correction as it's creating a classic bearish reversal pattern.
On Nov.9, Litecoin (LTC) posted daily gains of around20%, the highest values for LTC/USD since May 2021, as part of a broader cryptocurrency market surge fueled by inflation fears, according to analysts.
In just three days, the 14th-largest digital asset increased by a little more than 25%, bringing its price to about $250 on Coinbase. Moreover, the total value of cryptocurrencies has surpassed $3 trillion for the first time.
Bitcoin influence
According to the data, Litecoin's recent price rally was inspired by similar upward moves across the top digital asset brass.
For instance, Bitcoin (BTC), the world's most valuable cryptocurrency by market capitalization, surged to a new all-time high above $68,500 on Tuesday. Ether (ETH) also reached a new high of $4,840.
Despite this, only a few top alternative cryptocurrencies (altcoins), notably Litecoin, performed better against Bitcoin in the past 24 hours. According to Messari's data, the widely traded LTC/BTC instrument increased by over 14%, indicating a shift in money from Bitcoin to Litecoin markets.
Based on a classic bullish reversal pattern called a falling wedge, the pair's technical outlook projected further gains ahead.
Falling wedges are wide at the top but narrow as the price goes down. Price breaking above the wedge's upper trendline is a positive confirmation.
The breakout is generally described as a signal to a rally toward the profit objective, which is located at a length equal to the wedge's maximum height.
The most recent Litecoin gains saw the price break above the top trendline of its falling wedge, indicating the possibility of additional rises.
As a result, the profit target is around 0.006122 BTC. In the previous three weeks, however, the Litecoin chart has detected a bearish divergence between rising prices and dropping volumes, indicating that the falling wedge breakout move may become weaker.
Another bearish Litecoin wedge
After bottoming out near $103 on July 20, the price of Litecoin has surged by more than 150 per cent in terms of US dollars. However, the massive upside move of the "silver to Bitcoin's gold" cryptocurrency has caused a bearish reversal outlook, stating that its ascent is due for a pause.
The rising wedge pattern is the opposite of the falling wedge pattern. It starts wide at the bottom but gradually reduces as the price increases. When the price breaks below the lower trendline and subsequently targets levels with a length equal to the wedge's height, this is considered a bearish confirmation.
The wedge target could move between $117 and $21 depending on where Litecoin starts its negative breakout.
A significant break above $250, on the other hand, might invalidate the rising wedge pattern, keeping LTC on track to attain $300 as its next price target.
