Can Litecoin Close Above $100? | Credit: Hameem Sarwar
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Key Takeaways
Litecoin (LTC) faces stiff resistance near $100.
The LTC price trades inside a long-term parallel channel.
When will Litecoin move outside the confines of this channel?
Litecoin (LTC) has bounced back from its Oct. 10 crash and is attempting to close above its critical resistance at $100.
Positive news regarding a Litecoin Exchange-Traded Fund (ETF) has caused the LTC price to surge today, though the long-term outlook does not seem promising.
Let’s examine the charts to see if today’s price increase is enough to confirm a bullish Litecoin trend reversal.
Litecoin’s Technical Analysis
The daily Litecoin chart shows that the price has bounced since its massive crash on October 10, which caused it to fall by 47% in a single day.
Although the price of Litecoin bounced, creating a higher low on October 17, it has yet to confirm its bullish trend reversal.
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The 0.382-0.5 Fibonacci retracement resistance levels create the upper and lower limits of the range, while the $100 horizontal area reinforces its validity.
To confirm that new highs are likely, the price of Litecoin has to close above this level and validate it as support.
While Litecoin’s price moved above it today on the back of positive ETF news, it has yet to confirm the breakout with a close.
Until that happens, the area will likely thwart any attempts at moving higher and act as an upper limit.
Just like the price action, momentum indicators are at critical levels. The Relative Strength Index (RSI) has reached 50 from below, while the Moving Average Convergence/Divergence (MACD) has made a bullish cross.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
