Finally, we waited - this night half of our position in LTC was closed. At +100% at a rate of $126.01. Over the past 24 hours, the asset surged by +26%, fulfilling all basic and additional targets on the 30-minute timeframe.
Thus, #LTC complements our portfolio of 'free' coins obtained in trades where, upon reaching +100%, we simply withdraw the deposit amount and continue to watch the growth. In the list of such free coins from the top, we remind you, we have #XRP, #SOL.
Litecoin turned out to be the MOST problematic of the assets for such trades. Because we opened a #spot_trade for it back in August 2022 (!), at a rate of $63). Before the halving, the #Litecoin price barely reached the closure of half of the trade at +100% at $126.01. The price only reached $115 at that time and then returned to the entry point and even lower. In August 2024, the price dropped to $49.8. We did not panic with such an asset, we just waited for the exit point. We expected to get out by spring 2024. But here too, we faced disappointment.
We specifically show the monthly timeframe so that the entire situation regarding the asset is clearly visible.
The price of #LTC has reached the volume level of $128.03, which has historically become a mirror level multiple times. Including back in the summer of 2019 (!). In this cycle, the range of $46.88 - $128.03 has become the price consolidation range. Accumulation. Furthermore, if the body of the monthly candle closes above $128.03, we can confidently say that the growth has started. By the way, the 0.236 Fibonacci level (from ATH to the low in June 2022) also passes near $128.03, which adds weight to the level.
What we did, selling part at the upper boundary of consolidation, is not the best option ahead of alt season and the Santa Claus rally. However, firstly, the plan was like this and changing plans is not the best strategy. We do not know for sure what the market has in store, we trade probabilities. Is this the exact exit from the range? No one can say for sure. And secondly, we are not Litecoin maximalists. Our purchase of this asset is not a key rate in the cycle. From LINK or XRP, we expect greater growth from their entry points. Although we do not dismiss its prospects. Like other coins from the early forks of the Bitcoin network, it has potential, including among institutional interests. Plus, #LTC has been and remains in the pool of TOP payment methods among crypto assets in the same States. Although the project does not have loud news about its development, it cannot be called dead either.
When can we confidently say that the price hike towards a new ATH has started? We believe that it is with the signal of a sustainable uptrend on our indicator on the weekly timeframe. And it has already been given. Over the past weeks, the price has closed all three basic targets and is currently holding above.
However, classically, it is certainly worth paying special attention to the breakout of the 0.5 Fibonacci level from ATH to the cycle low. And that is $226.45. The adjacent volume level of $220.9 is also important.