Litecoin Sets Up 200% Rally: Crypto Market Review, November 28
Classic crypto is aiming for a big return to the top, especially if this pattern plays out as expected
The weekend selloff did not end on Monday, and most assets are still trading in the red zone today, with a few exceptions. However, a problematic start to the week does not necessarily mean poor performance on the market by the following Monday.
Litecoin shows outstanding performance
Despite the depressing state of the market, Litecoin’s latest 36% price surge puts it in an interesting position: the asset has formed a classic chart pattern called a “double bottom”. Peter Brandt himself confirmed the validity of the assembly.
In a best-case scenario, Litecoin will reverse after forming the pattern and moving towards previous highs at around $300. Such an explosive performance would make LTC one of the most profitable assets in the market with a price increase of 200% in a few months.
However, it is too early to predict such a strong and disruptive development, as the price of digital money has yet to break through the local resistance level at around $106. In the past 24 hours, LTC has lost more than 3% of its value.
Solana’s song didn’t last long
The FUD around Solana after the FTX implosion did not stop for a second, as over 80 million SOL coins were floating in the market and could have fallen there at any time, which is why investors avoided significant inflows into SOL and existing investors. were slowly distributing their assets.
Surprisingly, Solana saw some support from traders as it managed to rally above the $15 price threshold, but did not hold there for too long. In less than three days, SOL faced selling pressure again and fell below $14, now trading at $13.4.
The main reason for the rally we saw earlier was most likely related to general market movement, rather than a change in Solana investor sentiment. In the long run, Solana’s team has too much to prove and cover to deny the extreme negativity surrounding the project.
XRP returns to start
The triangle chart pattern we mentioned in our previous market review and the subsequent breakout has made XRP a rock solid position in the market, with its next steps directed towards solidifying the uptrend and recovery to new heights.
Unfortunately, the market decided otherwise and XRP lost almost 10% of its value in the past few days, returning to the aforementioned triangle. In this case, however, the pattern is invalidated, meaning another breakout would not signal an explosive rally like the one we’ve seen before.
It is difficult to predict the next steps for XRP as the cryptocurrency will most likely move based on more fundamental factors rather than the recovery or stagnation of the cryptocurrency market. The lack of traction around the Ripple case will most likely lead to an extended range move for XRP.
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