Litecoin may be quietly gearing up for a major comeback, according to a fresh technical read from market analyst The Penguin (@ThePenguinXBT). Despite recent volatility and pullbacks, the analyst argues LTC’s structure still points to higher prices — and he’s mapped out how a new rally could unfold. What the chart shows - On a 4-hour chart, The Penguin highlights that Litecoin “swept” the October 10 wick — a move he interprets as finishing off downside liquidity grabs. - He identifies a completed five-wave decline into what looks like the final leg of the correction, followed by a rounded recovery as buyers stepped in around the $70 support zone. - Price briefly dipped below a clear horizontal range and then reclaimed it, a bullish sign that suggests the correction may be over (or at worst there could be one marginal lower low). Near-term upside targets - If Litecoin launches its next impulsive move, The Penguin believes it will be hard to push the price back into prior ranges. From the rounded recovery, his annotated chart points first to approximately $82, with a secondary resistance line just above $86. That would imply a gain of more than 17% from current levels near $70. Longer-term scenario: $1,600 play - In a subsequent weekly-chart analysis, The Penguin spotlights a multi-year descending triangle — typically a bearish continuation pattern — but argues a decisive breakout to the upside could mark the end of consolidation. - Should that breakout occur, he projects a much larger vertical rally that could ultimately target roughly $1,600. Bottom line The Penguin’s technical case mixes classic liquidity-sweep and Elliott-wave style observations with clear near-term and longer-term targets. As always, these are chart-based scenarios and one analyst’s view — useful for framing possible outcomes but not a guarantee. Read more AI-generated news on: undefined/news