Litecoin (LTC) Price on Verge of Breaking Five-Year Pattern — Key Signs to Watch
Key Takeaways
- Litecoin (LTC) closed inside the $100 resistance area.
- The price trades inside two different long-term patterns.
- Can Litecoin close above $100 and move to new highs?
Litecoin has performed admirably since April, increasing by 62% and outperforming even Bitcoin (BTC).
Last week, the Litecoin price closed inside the $100 resistance area and is attempting to break out today.
Let's analyze if Litecoin can do it and, if so, what it will mean for the long-term trend.
Litecoin Reaches $100
Litecoin bounced at the channel's support trend line (green icon) in April and started the ongoing increase.
Last week, LTC closed inside the $100 horizontal resistance area, periodically rejecting the price for over two years.
A breakout from the resistance can take LTC to the channel's resistance trend line at $150.
Technical indicators are also gradually turning bullish. The Relative Strength Index (RSI) is above 50 while the Moving Average Convergence/Divergence (MACD) is close to 0.
So, the weekly time frame Litecoin analysis shows that the price is moving toward a bullish trend reversal, and we can confirm it soon.
Litecoin Price Breakout Ahead?
Litecoin's long-term count gives a highly bullish prediction. It shows a consolidation inside a symmetrical triangle that has been ongoing for over four years.
The price movement is akin to that of XRP before the breakout that took the price from $0.50 to above $3.
If a breakout occurs, the Litecoin price could reach a new all-time high, increasing 500% from the current level.
However, while the long-term count is bullish, Litecoin's short-term outlook suggests a retracement is due.
The LTC price has completed a five-wave upward movement since its April lows.
So, the LTC price could retrace toward $85 before eventually resuming its upward movement and breaking out.
Long-Term Breakout Ahead
Litecoin's long-term price analysis is bullish, predicting that the five-year symmetrical triangle will finally fall.
