Litecoin (LTC) Holds Bullish Momentum Toward $100 Despite Weakness in BTC Pair

Key Takeaways

• Litecoin (LTC) trades inside an ascending parallel channel.
• The LTC price trades below the $100 horizontal resistance.
• Has Litecoin finally started a bullish trend reversal?

Litecoin ended its decline with a significant bounce on April 7, preventing a breakdown from a long-term parallel channel.

LTC surged by over 35% and targets the next resistance at $100.

While the LTC to USD chart has increased admirably, the BTC pair is lagging behind. Let’s examine the charts and see if the latter will catch up.

Litecoin Price Bounces

The weekly time frame chart shows that LTC has increased inside an ascending parallel channel since May 2022.

Such channels contain corrective patterns, meaning an eventual breakdown from them is the most likely future outlook.

The LTC fell after several rejections from the channel’s resistance trend line in March (black circle).

Litecoin’s downward movement led to a low of $63.08 on April 7, taking the price to the channel’s support trend line.

Litecoin bounced afterward (green icon) and is nearing a critical resistance at $100, a horizontal resistance area that coincides with the channel’s midline.

Despite the bounce, technical indicators give a bearish long-term Litecoin price prediction.

The Relative Strength Index (RSI) crossed below 50 while the Moving Average Convergence/Divergence (MACD) fell into negative territory.

Therefore, the most likely outlook is an increase toward the $100 resistance before another decline and breakdown from the channel.

LTC Begins Corrective Rally

The daily time frame Litecoin prediction supports the one from the weekly time frame.

The chart shows that Litecoin has broken out from a descending resistance trend line in place since March.

Litecoin’s breakout indicates the correction is over.

The wave count also shows a five-wave decline, confirming the downward movement has ended.

If the count is accurate, the LTC price is in wave A of an A-B-C corrective structure (green).

Litecoin’s corrective structure could end between the 0.5-0.618 Fibonacci retracement resistance levels at $101-$110.

LTC Struggles Against BTC

While the LTC to USD pair is bullish, the LTC to Bitcoin (BTC) pair is more bearish.

The chart shows a completed A-B-C correction (green) between November 2023 and March 2024.

Since then, the LTC price has begun a five-wave downward movement, likely taking it to new lows.

Once the LTC price falls below ₿0.00850, its downward movement will likely accelerate.

The next closest support is at ₿0.000630. The 1.27 external Fibonacci retracement level creates this target.

Litecoin’s Mixed Charts

The Litecoin price bounced in April, preventing a breakdown from a long-term ascending parallel channel.

While the Litecoin to USD chart is bullish, predicting an increase to $100, the Litecoin to BTC one is not.

Instead, the price will likely fall to a new yearly low and accelerate its decline.