A trader in the cryptocurrency market, who accurately predicted the bottom of the 2018 Bitcoin bear market, has forecasted a significant upward trend for Litecoin.

The trader, known as Bluntz on Twitter, has a following of 223,300, and suggests that Litecoin’s halving event scheduled for August will be a catalyst for its surge. Bluntz believes that both the USD and BTC pairs for Litecoin show bullish signs.

“I think LTC is finally gearing up for the halving run.

Attempting a 195-day range breakout on the USD pair and also firmly back into the prior breakdown range on its BTC pair, indicating a move to the top of the range.

Another one I’m happy to hold for a long-term swing.”

According to the analyst’s chart, there’s a potential Litecoin rally towards $140. As of now, LTC is being traded at $107.16, indicating a potential upside of more than 30% if it reaches Bluntz’s target.

Moving on to Solana (SOL), an Ethereum competitor, Bluntz suggests that the 11th largest crypto asset by market cap is displaying a bullish signal against Bitcoin (SOL/BTC).

“Nearly 10% four-hour candle on SOL plus a very nice daily engulfing forming on the BTC pair.”

Is Litecoin Ripe for Continuation?

Based on the weekly time frame technical analysis, the outlook for LTC appears mostly bullish. There are several reasons for this optimistic view.

One key factor is that since the end of May 2022, the LTC price has been trading within an ascending triangle pattern, which is typically indicative of a bullish trend. Therefore, it is highly probable that a breakout from this pattern will lead to a price increase in the future.

The LTC price has been attempting to break through the $100 resistance area multiple times.

This indicates that a breakout is plausible as resistances tend to weaken with each touch. Presently, the resistance has been surpassed, but it is crucial for it to remain stable and transform into support.

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