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Litecoin (LTC) Nears Symmetrical Triangle Breakout — Big Move Incoming

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • Symmetrical triangle breakout attempt
  • Support holding at Fibonacci levels
  • Potential bullish breakout scenario

Litecoin (LTC) is currently consolidating within a symmetrical triangle pattern, with the price attempting to break above descending triangle resistance.

The market structure indicates the potential for an impulsive breakout, though short-term retracements may occur before a decisive trend emerges.

LTC Price Analysis

The daily chart of Litecoin shows a well-defined symmetrical triangle pattern formed after LTC reached a high of $146.85 on Dec. 5.

The price structure suggests an ongoing ABCDE correction. A 41% downfall happened within Wave (a), leading to a Wave (b) high of $140 on Jan. 27.

Wave (e) is likely forming near the ascending trendline, while LTC trades around $128, struggling with resistance at the 0.236 Fibonacci retracement ($127.52).

LTC price analysis
LTCUSD symmetrical triangle formed | Credit: Nikola Lazic/TradingView 

The Fibonacci retracement levels highlight key support zones, with the 0.382 level at $115.56 and the 0.5 retracement at $105.90 as major demand zones.

A bullish breakout from this triangle could confirm a new impulsive wave, while a rejection at resistance would lead to further consolidation before attempting higher levels.

From an Elliott Wave perspective, LTC completed a five-wave structure to the upside and is now undergoing a corrective phase.

The daily Relative Strength Index (RSI) remains slightly overbought, indicating room for further price movement.

LTC Price Prediction

The one-hour chart provides a closer view of Litecoin’s potential breakout trajectory. In the short term, LTC is retesting its descending resistance line, which is currently aligned with wave (d).

If rejected, price action could revisit the $120-$122 zone, forming the final wave (e) before an impulsive breakout.

LTC price prediction
LTCUSD breakout expected soon | Credit: Nikola Lazic/TradingView 

In a bullish scenario, breaking above $130-$135 with volume confirmation would push LTC toward $146.85, the previous high. Further extensions could target $160+, supported by Fibonacci expansion levels.

However, a bearish scenario emerges if LTC fails to hold the above key supports. A drop below $115.56 (0.382 Fib) would indicate weakness, potentially leading to a deeper retracement toward $105.90 or $96.23.

Overall, the symmetrical triangle favors a breakout soon, with LTC likely rallying if it sustains above the 0.236 Fibonacci level.

Key Levels to Watch

  • Immediate Resistance: $130-$135 (Symmetrical triangle resistance)
  • Key Support: $115.56 (0.382 Fibonacci retracement)
  • Critical Support: $105.90 (0.5 Fibonacci retracement)
  • Short-Term Target: $146.85 if breakout sustains
  • Invalidation Zone: Below $96.23 (0.618 Fibonacci retracement)

LTC could enter a new bullish phase if momentum builds, targeting higher Fibonacci extensions. Since its recent high, a symmetrical triangle was formed, with a breakout soon expected. 

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.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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