Litecoin (LTC) has posted daily gains of almost 20% on Nov. 9, the highest levels for LTC/USD since May 2022, amidst a wider cryptocurrency market rally that analysts aspect to inflation fears.

The 14th-largest digital asset rose by a petty over 25% in three days, pushing its price to virtually $250 on Coinbase. Meanwhile, the total value of cryptocurrencies reached most $3 trillion, the highest level ever.

Bitcoin influence

Litecoin's ongoing cost rally drew inspirations from similar upside moves across the top digital nugget contumely, data from Cointelegraph Markets Pro shows.

For example, Bitcoin (BTC), the world'due south leading cryptocurrency by market place capitalizatio, rallied to a new record high Tuesday above $68,500. Ether (ETH) too logged an all-time high higher up $4,840.

Top 15 cryptocurrencies' operation in the last 24 hours. Source: TradingView

Nonetheless, merely a few top culling cryptocurrencies (altcoins) fared better against Bitcoin in the previous 24 hours, including Litecoin. Data provided by Messari showed that the hugely traded LTC/BTC instrument surged virtually 14%, indicating a ascent in capital letter migration from Bitcoin to Litecoin markets.

The pair'southward technical outlook suggested further gains ahead, based on a classic bullish reversal pattern called a falling wedge.

Falling wedges begin wide at the top but start contracting as the price moves lower. A bullish confirmation comes when the price breaks in a higher place the wedge's upper trendline. Analysts typically interpret the breakout as a signal to a rally toward the profit target that sits at length equal to the wedge's maximum height.

LTC/BTC weekly price chart featuring falling Wedge setup. Source: TradingView

The latest Litecoin gains had its price break above its falling wedge's upper trendline, staging prospects of boosted upside.

In doing so, the profit target comes to exist around 0.006122 BTC. On the flip side, the Litecoin chart detected a bearish difference between its rising prices and falling volumes in the terminal three weeks, underscoring that the falling wedge breakout move may grow weaker.

Another Litecoin wedge, only surly

The Litecoin cost, in terms of United States dollars, has rallied by more than than 150% after bottoming out almost $103 on July 20. But the "silver to Bitcoin's aureate" cryptocurrency's massive upside movement has also triggered a bearish reversal outlook, indicating that its ascent is due for a interruption.

Related: Litecoin transactions near an best high subsequently gaining footing in consumer finance

Dubbed rise wedge, the design is the complete opposite of the falling wedge. Information technology begins wider at the bottom but starts contracting as the toll rises. A bearish confirmation comes when the price breaks beneath the lower trendline and and so targets levels at a length equal to the wedge's elevation.

LTC/USD 3-day chart featuring rise wedge setup. Source: TradingView

Depending on the level from where Litecoin initiates its negative breakout, the wedge target may shift from anywhere between $117 and $21.

Conversely, a decisive breakout above $250 would adventure invalidating the rising wedge blueprint, setting LTC en road to exam $300 as its next toll target.

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