How Will Litecoin Fare the Rest of the Year? | Credit: Hameem Sarwar
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Key Takeaways
Litecoin (LTC) trades below the $135 horizontal resistance area.
The LTC price broke down from an ascending wedge pattern.
Can Litecoin reach a bottom in September and begin to rally?
Litecoin is again testing investor patience as it struggles to break through the long-standing $135 resistance level.
Despite several attempts, each rally has been rejected, raising questions about whether LTC can finally reverse its bearish structure.
With momentum indicators flashing weakness, the coming weeks could determine if a turning point is approaching.
LTC Technical Analysis
Since May 22, the LTC price has increased alongside an ascending support trend line. It bounced at the trend line several times (green icons), most recently in April.
Despite all these bounces, Litecoin failed to break out from the $135 resistance area, which has stymied all attempts at upward movements since the start of 2022.
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Litecoin made another unsuccessful breakout attempt in August and fell for three consecutive weeks before regaining its footing.
Even though LTC has made several breakout attempts, each time it has done that, it has also created lower highs, a sign of weakening momentum that can lead to a bearish trend reversal if it continues.
Adding to the uncertainty, momentum indicators are showing weakness. The Relative Strength Index (RSI) is below 50, while the Moving Average Convergence/Divergence (MACD) is close to making a bearish cross.
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.
