Analyst Predicts Litecoin Rally with Potential 17% Surge to $82

The price of Litecoin has experienced significant volatility recently. However, an analyst, The Penguin, suggests that LTC might be setting up for a substantial rally.

The Penguin's analysis indicates that Litecoin's market structure is still intact, supporting the possibility of higher prices.
A 4-hour chart shows LTC sweeping the October 10 wick, potentially indicating the end of downside liquidity grabs.
LTC's price stabilized within a horizontal range, briefly dipped below, and then quickly reclaimed it near a $70 support zone, leading to a rounded recovery.
The internal structure of recent movements suggests either the final correction is complete or there could be one more marginal low.
Potential price targets include a move to $82 and an upper resistance line above $86, suggesting a possible 17% increase from current levels.

Additionally, The Penguin explores a long-term bullish scenario:

A descending triangle pattern on the weekly chart suggests the end of consolidation and the start of a new bullish phase.
If Litecoin breaks out, it could initiate a sharp rally toward $1,600.