Pschuett made an analysis on TradingView that suggested that the price of Litcoin might be ready for a major run based on an impending breakout.
His chart suggests that the price could experience a spike to as high as $200 if this becomes successful.
Currently, Litecoin is trading within a long-term descending triangle, characterized by stable support levels and a consistently declining resistance line. As the price approaches this critical resistance, the likelihood of a breakout becomes increasingly plausible.
If Litecoin can manage to break above this descending trendline, the analyst’s chart shows that it could trigger a surge in bullish momentum, potentially driving the price up to the $200 mark.
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The descending triangle pattern demonstrates price compression. The upper resistance clearly defined by the downward slope of the trendline and the lower support forms a stable horizontal base.
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