Litecoin (LTC) Price on Verge of Breaking Five-Year Pattern — Key Signs to Watch

Key Takeaways

• Litecoin (LTC) closed inside the $100 resistance area.
• The price trades inside two different long-term patterns.
• Can Litecoin close above $100 and move to new highs?

Litecoin has performed admirably since April, increasing by 62% and outperforming even Bitcoin (BTC).

Last week, the Litecoin price closed inside the $100 resistance area and is attempting to break out today.

Let’s analyze if Litecoin can do it and, if so, what it will mean for the long-term trend.

Litecoin Reaches $100

The Litecoin price has increased inside an ascending parallel channel since May 2022.

Litecoin bounced at the channel’s support trend line (green icon) in April and started the ongoing increase.

Last week, LTC closed inside the $100 horizontal resistance area, periodically rejecting the price for over two years.

A breakout from the resistance can take LTC to the channel’s resistance trend line at $150.

Technical indicators are also gradually turning bullish. The Relative Strength Index (RSI) is above 50 while the Moving Average Convergence/Divergence (MACD) is close to 0.

So, the weekly time frame Litecoin analysis shows that the price is moving toward a bullish trend reversal, and we can confirm it soon.

Litecoin Price Breakout Ahead?

Litecoin’s long-term count gives a highly bullish prediction. It shows a consolidation inside a symmetrical triangle that has been ongoing for over four years.

The price movement is akin to that of XRP before the breakout that took the price from $0.50 to above $3.

If the count is accurate, Litecoin has completed wave E in an A-B-C-D-E structure (red) and will soon break out.

If a breakout occurs, the Litecoin price could reach a new all-time high, increasing 500% from the current level.

However, while the long-term count is bullish, Litecoin’s short-term outlook suggests a retracement is due.

The LTC price has completed a five-wave upward movement since its April lows.

Litecoin’s upward movement ended between the 0.5-0.618 Fibonacci retracement resistance levels, a likely spot for a local top.

So, the LTC price could retrace toward $85 before eventually resuming its upward movement and breaking out.

Long-Term Breakout Ahead

Litecoin’s long-term price analysis is bullish, predicting that the five-year symmetrical triangle will finally fall.

However, the short-term chart suggests an initial decline might happen before LTC eventually breaks out.