The end of the trading year in the LTC market is a completely different scenario than its beginning. If December 2019 ended in the price range of $28-$32, now buyers are preparing for the test of $145. Market participants have decided to organize a consolidation in the range of 550%. And now the third wave is completing its formation within the consolidation. However, starting in August, interest in LTC began to grow steadily. Trading volumes in November became the highest in the trading history on the LTC market. At the moment, the daily LTC trading volumes rank 5th in the ranking of all cryptocurrencies with a result of $9,314,646,266. This fact gives great hope for breaking the global consolidation range and forming a long-term growth trend.
Increased Interest in LTC at the End of the Year and the Global Consolidation Breakout Upwards
Over the past two months, LTC price growth dynamics have changed significantly. Buyers managed to accelerate the growth trend in December and fix above the old trend channel. At the time of writing, the LTC price is above the critical point of $90 and is consolidating below the upper limit of consolidation $145. After breaking this mark, buyers will be able to get to the mark of $230 quickly enough. Though, the main goal of buyers is a test of the historical high – $370.
What can become an obstacle in the way of such a scenario?
If we consider in detail the LTCBTC pair chart – we see that the price is still moving in the falling channel:
The good news is that from September 2020, buyers are forming a reversal based on the purple range, which they firmly keep. Recent trading weeks show that high trading volumes do not allow sellers to significantly reduce the price. Total control of buyers in the LTC market and a new wave of the rally will happen immediately after the LTCBTC price exit from the falling channel.
Next year promises to be quite positive for LTC investors. Let’s see if buyers will be able to lay the foundation for this plan implementation in January.