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Can the Litecoin (LTC) Price Reach $100? – This Pattern Says Yes

2 mins
Updated by Ali M.
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In Brief

  • Litecoin's (LTC) price has traded without volatility for the past two months but bounced last week.
  • The weekly and daily time frame readings are both bullish, supporting the continuing of the increase.
  • Despite the bullish LTC price prediction, failure to break out from the triangle can catalyze a decrease.
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The Litecoin (LTC) price bounced at a long-term ascending support trend line and is breaking out from a short-term bullish pattern.

Will Litecoin successfully break out and finally move toward $100, or will it fail to maintain the increase? Let’s find out.

Litecoin Bounces at Long-Term Support

The Litecoin price has increased alongside a long-term ascending support trend line since June 2022. The trend line has existed for 630 days. Starting in August 2023, the LTC price bounced at the trend line six times (green icons), some of them coinciding with a horizontal support area.

This week, the LTC price seemingly began an upward movement but trades only incrementally above the ascending support trend line.

Litecoin (LTC) Price Movement
LTC/USDT Weekly Chart. Source: TradingView

Despite the lack of an upward movement, the weekly Relative Strength Index (RSI) gives a bullish reading. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The weekly RSI just moved above 50, indicating a bullish trend.

Litecoin Price Prediction: Has the Breakout Begun?

The technical analysis of the daily time frame aligns with the bullish readings from the weekly one. The chart shows that LTC is in the process of breaking out from an ascending triangle that has existed since August 2022. While LTC has moved above the triangle’s resistance, it has yet to reach a daily close above it.

Read more: How To Buy Litecoin (LTC) in 4 Easy Steps

The daily RSI supports this breakout since it is above 50 and increasing, both signs of a bullish trend. If the increase continues, LTC can reach the $95 resistance area, 28% above the current price.

LTC Price Prediction
LTC/USD Daily Chart. Source: TradingView

Despite the bullish LTC price prediction, a rejection from the $75 resistance can trigger a 12% drop to the triangle’s support trend line at $68.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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