Can Litecoin Break Out Above $100? | Credit: Hameem Sarwar
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Key Takeaways
Litecoin (LTC) trades inside a long-term symmetrical triangle pattern.
Litecoin may have completed a long-term corrective structure.
Can Litecoin break out from this triangle, and what’s next if it does?
Litecoin has not increased much in the current cycle. LTC increased by only 262% from bottom to top, culminating in a high of $147.
However, its 6-year pattern is still intact, and a breakout above it could be the catalyst needed to provide volatility.
There was some positive Litecoin news this week, as Polymarket shows that the chances of an ETF being approved in 2025 jumped to 77%.
With that in mind, let’s analyze the Litecoin price action to ascertain if the bottom is in place.
Litecoin Price Analysis
The weekly time frame price analysis shows that Litecoin has traded inside a massive symmetrical triangle for over six years.
The wave count supports this structure, showing a completed A-B-C-D-E structure (red).
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Nevertheless, technical indicators do not confirm this movement yet. The Relative Strength Index (RSI) is 50, while the Moving Average Convergence/Divergence (MACD) is 0.
Let’s look at a lower time frame and see if the correction has ended.
LTC Price Bounces
The daily time frame chart gives mixed Litecoin readings. In May, LTC broke out from the $95 horizontal resistance area.
However, it failed to sustain the increase and fell below the resistance shortly afterward, creating a deviation.
On the bullish side, Litecoin bounced at the $83 horizontal support area, sweeping the previous June lows (green icon).
Additionally, it trades inside a descending parallel channel, which usually means the decline is corrective.
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.
