With SEC decision day for the Litecoin ETF delayed until May 5, 2025, seems those idle hands are idle no more with Litecoin.
From a fundamentals perspective, the hash rate for Litecoin is in overdrive since November, racing to the 2.37 PH/s handle, and continues to dominate as the most used cryptocurrency for transactions on Bitpay (34.7%), surpassing Bitcoin, Ethereum, and USD stables.
From a very basic fundamentals perspective, it seems Litecoin should be primed for a move higher in the near term.
Potential Bullish Catapult & Target Price
In Point & Figure Charting “a typical Bullish Catapult forms with a Triple Top Breakout, a pullback, and then a Double Top Breakout.”
The formation is showing a clear triple top [Secondary Test (ST), Upward Thrust (UT, and Upward Thrust After Distribution (UTAD)] followed by a Sign of Strength (SOS) on the breakout to the $97 handle. It appears to be a textbook Bullish Catapult formation. The Horizontal Price Count suggests that if this formation plays out, the target price for this move would be the $120 handle.
Always remember this is not trading advice.
Outside of that, Happy Trading.
From a fundamentals perspective, the hash rate for Litecoin is in overdrive since November, racing to the 2.37 PH/s handle, and continues to dominate as the most used cryptocurrency for transactions on Bitpay (34.7%), surpassing Bitcoin, Ethereum, and USD stables.
From a very basic fundamentals perspective, it seems Litecoin should be primed for a move higher in the near term.
Potential Bullish Catapult & Target Price
In Point & Figure Charting “a typical Bullish Catapult forms with a Triple Top Breakout, a pullback, and then a Double Top Breakout.”
The formation is showing a clear triple top [Secondary Test (ST), Upward Thrust (UT, and Upward Thrust After Distribution (UTAD)] followed by a Sign of Strength (SOS) on the breakout to the $97 handle. It appears to be a textbook Bullish Catapult formation. The Horizontal Price Count suggests that if this formation plays out, the target price for this move would be the $120 handle.
Always remember this is not trading advice.
Outside of that, Happy Trading.
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