Litecoin (LTC) Price Poised for Significant Gains as Analysts Monitor Key Levels
NOIDA (CoinChapter.com)—The price of Litecoin (LTC) is on the brink of a crucial moment, as technical indicators hint at a potential breakout from a prolonged period of accumulation. Trade Pro’s chart showcases multiple rejections at the $68-$70 resistance level.
The consistent inability to surpass this level underscores its significance as a major barrier for Litecoin. However, accumulation phases like this often precede significant movements, and LTC is currently testing this resistance once again.
Analysts maintain a bullish outlook on Litecoin’s future price. Source:
A breakthrough above $70 on a daily closing basis would likely signify the end of this accumulation phase, potentially paving the way for a stronger bullish rally towards the next key resistance levels around $75-$77. This area represents an untapped target and signifies a structural shift where bearish momentum would transition to bullish.
Trade Pro’s analysis aligns with this, noting that Litecoin could experience an increase in price if it breaks out of its current accumulation phase. By combining this technical setup with market sentiment, LTC could potentially reach new highs if buyers take control.
However, a failure to break the resistance risks Litecoin remaining within its range or facing downward pressure. The price action of LTC in the coming days will be crucial in determining its medium-term trend. Additionally, the token, often referred to as “silver to Bitcoin’s gold,” has formed a bullish technical pattern.
LTC Price Forms Bullish Setups
The LTC/USD pair has formed a bullish technical pattern known as the “falling wedge.”
The falling wedge is formed by two converging downward trendlines that connect lower highs and lower lows. This pattern indicates a bullish reversal, as the narrowing structure suggests that bearish momentum is gradually weakening, often preceding an upward breakout.
The key characteristic of a falling wedge is that the lower trendline has a steeper slope than the upper trendline, indicating a dissipation of selling pressure. When the breakout occurs, typically in an upward direction, it signals buyers taking control.
To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards. Increased trading volume during the breakout confirms the strength of the reversal, bolstering market confidence and the likelihood of success.
According to technical analysis rules, the LTC/USD exchange rate could potentially rally over 97% from its current level to reach the projected target of around $134.
Litecoin Forms Another Bullish Pattern
Furthermore, upon closer examination, the LTC/USD pair has formed another bullish setup known as the “ascending triangle.”
The ascending triangle pattern occurs when a horizontal resistance line connects swing highs, while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
The formation of the ascending triangle indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for the LTC/USD pair. This technical setup provides a clear framework for assessing potential price movements in the near term.
In technical analysis, the price target of the pattern is calculated by measuring its height and projecting it from the breakout point. This calculation suggests a price target near $82 for the LTC coin, representing a spike of 20.6% from the current level.
Currently, the Litecoin price is testing the upper trendline resistance of the ascending triangle.
LTC Price Bulls Attempting to Hold Above EMA Resistance
LTC price action has been on an upward trend, forming higher highs before encountering resistance at the 100-day EMA (blue). As a result, LTC price dropped over 3% to reach a daily low around $67.4.
If the token resumes its rally, LTC price would likely reach the 200-day EMA (green) resistance around $71.5. Breaking and holding above this immediate resistance level could help the token rise towards the resistance near $76.7.
LTC/USD daily price chart with RSI.
However, if the LTC price fails to surpass the resistance of the ascending triangle, the token could decline towards the support confluence of the 20-day EMA (red) and 50-day EMA (purple) near $64. A failure of the immediate support may push the LTC/USD pair towards the support near $61.
At the time of writing, the RSI for LTC remains neutral, with a score of 58.6.