Litecoin price broke to the upside of what appeared to be a 'bearish' symmetrical triangle.
) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend.
Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions. Ideally, the LTC/USD pair could have resolved the pattern by breaking below its lower trendline. But instead, it broke above the upper trendline in early November, as shown below. According to Edwards and Magee, the authors of, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend reversals.Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022.
This upside target is measured after calculating the distance between the triangle's upper and lower trendline and adding the output to the breakout point .Litecoin's symmetrical triangle breakout move started in late October. It coincided with MoneyGram's
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