Crypto Analyst Predicts Epic Rally For Litecoin, Updates Outlook On Ethereum, Chainlink And Two More Altcoins

A prominent crypto strategist says Litecoin (LTC) could experience an epic surge ahead of next year’s peer-to-peer payments network halving event.

Pseudonymous analyst Rekt tells his 329,900 Twitter followers that Litecoin is showing signs of strength in the longer time frame after breaking above its long-term accumulation level.

According to the crypto strategist, LTC could mirror its 2019 price action when it jumped from around $70 to $146 in just a few months.

“[The] the last time LTC executed a monthly close above the green historical accumulation area before its Litecoin halving in August 2019 (blue)…

LTC approached the orange resistance to top just before the Litecoin halving event.”

Source: Rekt/Twitter

Based on the analyst’s chart, he seems to expect a rally towards $120, suggesting more than 70% upside potential for Litecoin.

At the time of writing, LTC is changing hands for $70.31. Litecoin is expected to undergo its next halving in July 2023.

Looking at Ethereum (ETH), Rekt says the leading smart contract platform is trading within a wide range on the monthly chart and says it needs to hold onto a key support level to avoid another sell-off event.

“Since the summer rally, ETH is visibly down (red).

In fact, red forced ETH to drop below the $1,325 (black) support.

It seems that black is acting as resistance again, just like in 2017.

Also miss the $1,062 support -> drop to the orange area below ($843).”

Source: Rekt/Twitter

At the time of writing, ETH is trading at $1,226, a fractional increase on the day.

Another altcoin on the trader’s radar is the decentralized oracle network Chainlink (LINK). According to Rekt, the coming days are critical for Chainlink as it needs to recover a high level of time support to avoid seeing another corrective move.

“LINK is still consolidating within this range, although it threatens to lose range low as support.

A monthly close below the low of the black range ($6.27) could set LINK for a decline into the sub-$5 (green box) area.

Source: Rekt/Twitter

At the time of writing, LINK is valued at $6.01, well below Rekt’s monthly support.

Next up is the Aave Decentralized Lending and Lending (AAVE) protocol, which Rekt says looks poised for a deep pullback.

“Macro downtrend still strong (red diagonal). Also, a multi-month downtrend is weighing on AAVE (blue), which serves as confluent resistance with the red box (old support). Decline here -> go back to list price (black).”

Source: Rekt/Twitter

At the time of this writing, Aave is changing hands for $55.68.

The last coin on the trader’s list is Ethereum hard fork Ethereum Classic (ETC). Rekt says the ETC is likely headed for its historical support level around $13.

“ETC it is down -58% since being rejected by the macro downtrend. In fact, ETC may soon reach the green box. Green is where ETC formed an accumulation range which allowed for the 2021 bull market. ETC will likely dip into green to find a bear market bottom.

Source: Rekt/Twitter

At the time of writing, ETC is trading hands for $16.20.

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Featured image: Shutterstock/Dmitriy Rybin/WindAwake/Sensvector

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