Smashing the so-called “century mark” of $100, Litecoin looks poised to close up over 20% and at a 90-day or better high by the completion of today’s candle as Q2 comes to an end. An early altcoin designed to confirm transactions roughly four times faster than Bitcoin, Litecoin’s breakout comes just weeks ahead of its halving event, and we’ll examine what’s happened in the past when Litecoin experiences a gain of 20% or greater in one session while also closing at a 90-day high. Let’s dive in.
Litecoin Breaks Above 3-Month Trading Range Highs
Since February, Litecoin’s sideways trading range dominated its price action, but today’s breakout to a multi-month high appears to indicate that traders view the upcoming halving event as bullish, with volume rising to greater than average levels, according to data from U.S.-based exchange Kraken.
Litecoin Daily Chart | LTCUSD on TradingView.com
Litecoin Holding Time Stats | SOURCE: Tableau
History Favors Further Litecoin Momentum
The above holding time graphic illustrates Litecoin’s historical tendency for further upside following similarly powerful breakouts in the past, with the Average Trade statistic positive across all holding times. Naturally, every hold time experienced both gains and losses, but on average results were positive for all periods we examined.
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From a short-term perspective, hypothetical gains have delivered respectable results ranging from +16.6% (15-day holding time) up to +33.1% (30-day holding time). From an intermediate-term perspective however, Average Trade stats jump significantly higher with gains ranging from +75.6% (60-day holding time) to over 300% with a 180-day hold. As always, while past does not predict the future, Litecoin may be poised for potential higher prices following today’s impressive breakout.