LTC Cup & Handle Into Support Zone

Jan 7, 2018

LTC had a great run the past couple days, coming up to $307 just before forming an ascending triangle. Many were hoping for a break upwards to continue the run to previous $360, (myself included). Although this didn't happen immediately we can see here that LTC is pulling back into a previous support zone with sharp tails which led to strong bounces in the past. Not to mention, Charlie Lee tweeted just one day ago: "For the next release of Litecoin reference client, we will reduce the relay fees from 0.001 LTC/kb (00.30/KB) to 0.00001 LTC (00.003/KB). We hope to have that out next week. Once people are using the new relay fees, we will reduce the actual min fee to 0.0001 LTC/kb (00.03/KB)." This is an important catalyst for LTC growth and we haven't seen it's full effect play out yet. Once LTC falls below $260 demand will increase heavily, pushing price up to previous all time high. From there I believe that we will see a pullback, consolidation, and epic stretch to $500.