The price value of Litecoin has recorded a 22% gain as the cup and handle chart has set the target of $100.
According to a Twitter user Newscrypto.io, Litecoin has secured a spot as the highest daily gainer among the top 10 cryptocurrencies as it lit up the charts in both USD and BTC pairs and gained more than 20%.
LTC lit up the charts in both it’s USD and Bitcoin (BTC) paIrs by rallying more than 20% to secure a spot as the highest daily gainer amongst the top-10 cryptos ranked by market capitalization.
— Newscrypto.io (@NwcPublic) January 31, 2020
Both LTC/USDT and LTC/BTC turned bullish
The performance of LTC has been good with both USDT and BTC pairs. Litecoin has broken out from the descending channel as the LTC/USDT pair has gone above the 200-DMA on the highest trading volume. Litecoin has set a weekly high mark that is $69.89.
Litecoin Price action took some time to record such a bullish gain since the moving average convergence divergence (MACD) turned bullish on 21st DEC 2019. Now it has recorded a 22% gain on 30th Jan.
Apart from the LTC/USDT pair, the other LTC/BTC pair also turned bullish. This trading pair also broke above the 200-DMA and is now about to reach the long-term resistance level of 0.007529 satoshis.
It is expected that the price of Litecoin would reach 0.009088 SAT if it crosses the resistance of 0.007529 SAT and 0.008086 SAT.
Cup and Handle Chart aims at $100
Meanwhile, the “Cup and Handle” chart of Litecoin (LTC) aims to reach the range of $90-$100. Recently, Litecoin broke out from the handle and completed the cup and handle pattern. Basically, this cup and handle formation will continue the uptrend for the coin.
Now, Litecoin has made its place among those altcoins who have broken above their multi-year descending trend behaviors by breaking the 200-day moving averages. The community expects a bullish rally from the coin in the near future.