The year 2021 was no less than a roller coaster ride for many crypto assets. As most of the altcoins surged and plunged with notable margins. Yet, Bitcoin’s brother Litecoin maintained a steady approach without extreme pumps or dumps. Currently, the LTC price is attempting hard to break the prolonged consolidation and ranged close to its ATH at $412.96.
Litecoin in recent times has been heavily consolidating, probably from May that changed slightly from July. Yet in the past couple of days, LTC price experienced a major push due to an increase in liquidity. And hence the LTC price could range above $265, gaining more than 205 to mark a 6-month high. Yet the rally appears below its halfway as the target is far ahead of its current ATH.
The asset in the previous bull run in 2018 had surged more than $350 but dipped profusely. However, the asset went completely parabolic to hit a little higher at $412 during the current uptrend. The chart since the 2018 rally shows the price forming a huge cup and handle pattern. To complete the pattern, the price may test the lower levels around $170 before propelling high.
The asset needs to range high to hover around $356 in order to test the neckline of the pattern. A successful breach through these levels may ignite a mega rally that may propel above $500. In an extreme bull rally, the LTC price may also smash the target beyond $700 to $750 within this bull run.
Therefore, for months together, LTC price trended within a very small margin and hence could not attract stronger hands to its platform. And hence despite being the first altcoin still in existence, Litecoin remains the most undervalued asset ever compared to Bitcoin or Ethereum.