Is Litecoin on the Verge of a Major Bullish Reversal? Take a Look

• CEO of TWC suggests LTC may have completed a multi-year fourth wave triangle, signaling potential market shifts.
• Increasing Litecoin on-chain volume and transactions hint at growing market activity despite small traders capitulating.

In a recent remark, CEO of TWC Christopher Inks stated that he expects severe blowback for his current analysis on Litecoin (LTC). Inks stated that Litecoin’s whole life cycle chart may have recently completed a multi-year fourth wave triangle, a pattern he has hypothesized about for several years.

I'm about to get so much hate for posting this, but the full life cycle $LTC chart looks like it may have just completed a multi-year fourth wave triangle. This is something I've been talking about was likely in progress for a few years now but I have never seen a #Litecoin… pic.twitter.com/fFhiQWueTJ

— Christopher Inks (@TXWestCapital) August 30, 2024

New Litecoin Chart Backs Inks’s Theory, But Doubts Remain 

However, he admitted that, until recently, he had never seen a Litecoin chart that went back far enough to confirm his theory. This recent discovery has offered significant evidence to support his analysis, while he concedes that the final verdict is still questionable.

At the time of writing, Litecoin is trading at around $65.51, up 5.44% over the last 24 hours. This increase in pricing has boosted its market cap to roughly $4.908 billion. This remarkable performance has pushed Litecoin into the top five gainers of the day, fuelling continuous speculation about its future trajectory.

Previously, CNF noted that smaller traders are beginning to capitulate, which could indicate a bullish reversal for Litecoin as impatience rises among smaller investors.

The rapid liquidation of a net 45,200 wallets, each holding between 0.1 and 1 LTC, indicates that these little traders are now giving up, perhaps clearing the way for a greater price surge.

Furthermore, we were reporting approximately a week ago that Litecoin’s on-chain volume had more than doubled, with over 412 million LTC transferred in a single week, totaling $26.5 billion in value.

Litecoin has also completed 62 million transactions in just seven months, and it is on track to exceed the total amount of transactions recorded last year.