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Litecoin hits 6-month high as LTC price soars 20% in 24 hours

Litecoin (LTC) has posted daily gains of almost 20% on 9th Nov, the highest levels for LTC/USD since May 2021, amid a wider cryptocurrency market rally that analysts attribute to inflation fears.

The 14th-largest digital asset rose by a little over 25% in three days, pushing its price to almost $250 on Coinbase. Meanwhile, the total value of cryptocurrencies reached nearly $3 trillion, the highest level ever.

Only a few top alternative cryptocurrencies (altcoins) fared better against Bitcoin in the previous 24 hours, including Litecoin. Data provided by Messari showed that the hugely traded LTC/BTC instrument surged almost 14%, indicating a rise in capital migration from Bitcoin to Litecoin markets.

The pair’s technical outlook suggested further gains ahead, based on a classic bullish reversal pattern called a falling wedge.

Falling wedges begin wide at the top but start contracting as the price moves lower. A bullish confirmation comes when the price breaks above the wedge’s upper trendline. Analysts typically interpret the breakout as a signal to a rally toward the profit target that sits at length equal to the wedge’s maximum height.

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