The price of Litecoin has increased by 10% in the last week and has grown by more than 40% since the rise of Bitcoin in the midst of the American banking crisis. Elliott waves show that this growth is only a small part of Litecoin's future growth.

Next, by examining the pattern in the Litecoin chart, we explain why the price of this digital currency may grow significantly.

As the cryptocurrency market improves, Lite is poised for a significant uptrend

The price of Litecoin has dropped a lot since the bull market of 2018. This digital currency once stood next to digital gold, i.e. Bitcoin, and was known as (digital silver). However, (the trend of Litecoin has shown that this digital currency is more like a piece of digital coal.)

This altcoin has performed very poorly compared to Bitcoin, Ethereum and most of the market, and with the introduction of new tokens, it has lost its position among the top ten digital currencies in the market in terms of market value. However, the pattern in the cryptocurrency's chart shows that all of this could change in an instant.

The mentioned pattern is called Expanding Diagonal wave , which is formed according to Elliott waves. This continuation pattern is formed by an ascending resistance trend line and an ascending support trend line. It should be said that the slope of the lower trend line is lower than the upper trend line. The price of the asset also moves between the trend lines of alternating waves.

If this pattern is indeed an accurate interpretation of market dynamics, it suggests that Litecoin is gearing up for its latest and strongest segment yet.

Why Litecoin Growth May Stop?

Although existing forecasts indicate that the price of Litecoin may rise to $1,400, a continued diagonal pattern usually indicates the end of the cryptocurrency's uptrend. Such patterns are usually formed in wave 1 of a moving wave or wave 5.

As Litecoin has already made several bigger waves, this pattern is most likely of the final type. This shows that after the next growth of Litecoin, its price will probably not grow much for a long time.

Like Bitcoin, Litecoin has many features that make it more like a commodity than a security. Wave 3 and Wave 5 are the most powerful in the stock market and commodity market, respectively. (The pattern of Litecoin also shows that its final wave if the number of Elliott waves is accurate) will be the biggest and most memorable wave of this digital currency in recent years.

Tony The Bull, a famous and anonymous digital currency analyst, said:

(Litecoin is gearing up for a big wave and its biggest move since 2018. Digital silver may soon become a myth.)

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