Litecoin Moves Above Long-Term Descending Trendline
Litecoin has moved above a long-term descending trendline, signaling a potential shift in market momentum. The breakout appears on the 4-day Kraken chart, which tracks LTC/USD since 2018, and shows the price currently at $132.37.
The chart outlines an Elliott Wave structure, with the latest move suggesting the start of a new impulsive wave. Analysts from More Crypto Online note that even in the conservative “white scenario,” Litecoin could reach at least $362. This projection aligns with Fibonacci extensions visible on the chart, where targets extend toward $280.10, $362.71, $435.31, and $549.20, depending on market strength.
However, the bullish setup hinges on holding above the June low of $77. A drop below this level would break the recent upward momentum and could trigger a deeper retracement. The multi-year symmetrical triangle, highlighted with yellow dotted lines, shows that LTC has been consolidating since 2021, with repeated tests of both upper resistance and lower support.
The breakout now places price action in a zone where long-term upside targets, including $831.16 and higher extensions, are in view if the trend sustains. Traders are watching whether LTC can maintain its position above the breakout point to confirm the bullish continuation.