[Legendary trader John Bollinger releases Litecoin price prediction]
Renowned trading expert John Bollinger recently hinted that Litecoin (LTC) may be on the verge of a major move. "It's time for LTC to wake up," he said in response to a follower's query. The follower asked Bollinger for his thoughts on using Bollinger Bands to analyze Litecoin’s monthly charts. Bollinger recommends adjusting the Y-axis below price lows and keeping it on a logarithmic scale for better analysis of the chart.
After the correction, the Litecoin price chart shows tightening Bollinger Bands. Bollinger Bands are a tool consisting of a middle line (simple moving average) and two outer lines (standard deviation distance). When these lines tighten, it usually means low market volatility, which often signals that a large price move is coming.
Litecoin, often called the "silver coin" of Bitcoin, was launched by Charlie Lee in 2011 and is known for its faster transaction speeds and hash algorithm that is different from Bitcoin. Currently, LTC is priced at $71.20 and has a market cap of $5.35 billion, ranking it the 20th largest cryptocurrency. Its all-time high price was $413.49, reached on May 10, 2021.
In summary, LTC may be about to see an important price move, based on John Bollinger’s analysis and Litecoin’s technical chart. For investors in the cryptocurrency market, this is a signal worth paying attention to.
