A closely followed crypto trader says now may be the time to keep an eye on peer-to-peer payments network Litecoin (LTC).
The pseudonymous trader known as Cantering Clark tells his 156,000 Twitter followers that LTC is forming a structural pattern that previously signaled bottoms and reversals.
Cantering Clark’s chart shows LTC bouncing off a support level at around $71.
“Is Litecoin about to wow everyone? I haven’t looked at this since the baby came, and when I did I was expecting a breakdown.
Instead there is a lot of structural and trend similarity to a prior bottom. Difference is context and an unforgiving environment for risk. Will it care?”
The trader sees similar opportunities in Binance Coin (BNB), the native token of the world’s largest crypto exchange. He says that the FUD (fear, uncertainty and doubt) that Binance faced in previous weeks regarding its solvency is in the past, and that BNB should benefit from increased confidence.
“[Eyes] on BNB – Binance fud is mostly out of the narrative.
Historically a strong pair against BTC and ETH, so maybe we see some strength and return back to prior norms.
The R:R (risk to reward) for a long here on a breakout of the last 2 week range is well defined & failure sets up a good short…
ELI5 (Explain like I’m 5):
We are in a contextually attractive area to define short term bias for both directions. If the long is invalidated by losing something like 253, then an attractive short opportunity with risk defined above today’s high sets up.”
Last week, the popular trader said that Ethereum (ETH) rival Solana (SOL) was showing signs of a bottom.
“Looks like the market might actually be a bit crowded here. I think that my own interpretation of calling for another 50% drop along with everyone else calling for $3 might be the signal that this thing is completely one-sided and potentially bottoming here for the near future.”
So far, the crypto trader’s call on Solana has been accurate. At time of writing, SOL is trading at $13.48, over 62% from its low of $8.30.
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Source: https://dailyhodl.com/2023/01/04/litecoin-about-to-explode-top-trader-looks-at-potential-opportunities-in-ltc-and-one-more-large-cap-altcoin/