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A popular crypto strategist believes that Litecoin (LTC) could experience a significant surge before its halving event next year. The analyst points out that LTC is displaying strength on the higher timeframe and has surpassed its long-term accumulation level. Drawing parallels to its 2019 price action, the strategist suggests that LTC could rally from its current price of $70.31 to around $120, indicating a potential upside of over 70%.
On the other hand, Ethereum (ETH) is currently trading within a wide range on the monthly chart. The analyst emphasizes the importance of ETH holding a key support level to avoid another sell-off event. If ETH fails to maintain support at $1,325, it could drop to the $843 level.
Chainlink (LINK), a decentralized oracle network, is also under scrutiny. The analyst highlights the criticality of LINK reclaiming a high timeframe support level to avoid a new corrective move. A monthly close below the support level of $6.27 could potentially lead to a drop in LINK’s value to the sub-$5 area.
Aave (AAVE), a decentralized lending and borrowing protocol, is predicted to experience a deep pullback. The analyst points out the strong macro downtrend and a multi-month downtrend that is acting as resistance. AAVE could retrace to its listing price if it fails to break through this resistance.
Lastly, Ethereum Classic (ETC) is expected to reach its historical support level around $13. The analyst notes that ETC has dropped significantly since rejecting the macro downtrend and suggests that it may drop further to find a bear market bottom in the green box, where an accumulation range formed in the past.