Here's Why Litecoin is Set to Dominate August | Credit : Hameem Sarwar
Share
Key Takeaways
The price of Litecoin (LTC) is breaking out from a resistance trend line.
Litecoin shows bullish signs against Bitcoin (BTC) and Ethereum (ETH).
Will Litecoin be one of the top-performing cryptocurrencies in August?
After months of sluggish performance, Litecoin shows signs of a significant trend reversal.
Interestingly, the reversal is occurring not only against USDT but also against BTC and ETH.
As August begins, Litecoin could be a surprise top performer.
Litecoin Price Analysis
The price of Litecoin has fallen under a descending resistance trend line since December 2024.
It also decreased below the $105 horizontal area, which has been critical in the price action’s development since 2022.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Litecoin showed strength and reclaimed the area in July, but failed to break out from the resistance trend line (black circle).
Nevertheless, the LTC price is making another breakout attempt now, which could be successful since this is the fifth time Litecoin has attempted to reclaim it.
Litecoin is already above the resistance trend line, but needs to close the week above $120 to confirm it.
If the price breaks out, the lack of horizontal resistance could cause Litecoin to surge quickly, reaching the $200-$230 area.
Momentum indicators support the breakout. The Relative Strength Index (RSI) crossed 50 while the Moving Average Convergence/Divergence (MACD) is positive.
So, the price of Litecoin is likely to break out and begin a significant rally soon.
Why is Litecoin Going Up?
The short-term LTC analysis fits with the long-term one, predicting new highs soon.
The chart shows a completed five-wave upward movement that developed into an expanding diagonal.
Then, an A-B-C correction (red) inside a descending wedge, where waves A and C have the same length.
The RSI and MACD have broken out from their resistance trend line, supporting the bullish Litecoin price prediction.
Since Litecoin broke out from the wedge, it has likely started the next portion of its upward movement, which will cause a breakout from the long-term resistance.
LTC vs BTC vs ETH
In the past few months, the Bitcoin Dominance (BTC.D) has fallen significantly while Ethereum’s dominance has risen.
Thus, most altcoins are performing better than Bitcoin but trailing Ethereum.
Litecoin is an exception, since it has bullish charts against Ethereum and Bitcoin.
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.
