Litecoin Price Finally Breaks $100 Barrier – Is $150 Next for LTC?
Can LTC Sustain Breakout Above $100? | Credit: Getty Images
Key Takeaways
- The Litecoin price closed above $100 for the first time since June 2023.
- LTC reached a high of $113 on April 1 before falling slightly.
- Can LTC sustain its breakout and gradually increase to new highs?
The LTC price has not performed well in the current market cycle. The yearly high for 2024 is lower than that of 2023, and the LTC price still trades 75% below its all-time high price of $413.
With the exception of a deviation in June 2023, the Litecoin price has traded below the $100 horizontal resistance area since May 2022. LTC moved above the area again last week.
Will the breakout be sustained, or will it be a deviation similar to that in June 2022?
Litecoin Finally Breaks Out
The LTC price had increased alongside an ascending support trend line for the past 650 days. During this time, it also traded under the $100 horizontal resistance area.
There was an exception in June 2022 (red circle), when the LTC price seemingly broke out. However, it failed to sustain the increase and returned below the area next week.
After consolidating above the ascending support trend line, LTC began another upward movement in March 2024 and broke out above $100 last week, reaching a high of $113.
The weekly RSI and MACD both support the ongoing increase. The RSI moved above 50 (green icon) shortly before the breakout, while the MACD moved into positive territory. The next resistance area is at $150, 45% above the current price.
However, it is worth mentioning that the indicator readings were also visible in the deviation of June 2023, so they cannot conclusively confirm the bullish trend.
LTC Price Prediction: What’s Next?
The shorter-term six-hour chart aligns with the bullish readings from the weekly time frame. Firstly, the LTC price has increased alongside an ascending support trend line since March 20. The trend line slopes the upward movement that led to the breakout. Next, LTC broke out from the minor resistance at $105, validated it as support and now trades inside it.
So, even though there are two long upper wicks in place (red icons), the short-term bullish trend remains intact as long as the LTC price trades above the ascending support trend line and the $105 horizontal area.
Network interest in the form of an increase in addresses and number of ordinals can also be seen as a positive sign for Litecoin. Yesterday, the number of Ordinals inscribed in Litecoin reached 22 million, while the number of addresses has crossed eight million.
LTC Breakout Looks Legitimate
Even though the LTC price failed to sustain a similar breakout in June 2023, the current one shows no signs that it is invalid. Rather, long- and short-term time frames support it alongside an increased interest in the network.
Litecoin Address Growth Hits Eight Million – Will LTC Break the $100 Mark?
