Litecoin (LTC) Chart Signals Green Light - $85 May Not Be Far Away
Date: 2023-09-14 Author: Dima Zakharov Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Litecoin Forms Bullish Pattern
Technical analysis of the daily timeframe shows that after reaching a yearly high of $115 on July 3, Litecoin dropped below the descending resistance line. On August 17, LTC fell to a local minimum of $56 and then bounced back, forming a long lower wick.
Although on September 11, the price returned to its previous minimum, it formed a bullish "double bottom" pattern, which typically leads to a breakout. Furthermore, this pattern aligns with bullish divergence on the Relative Strength Index (RSI), confirming the likelihood of an upward movement.
If the Litecoin price breaks beyond the descending line, it could surge by 37% to the next resistance at $85, coinciding with the Fibonacci 0.5 correction level.
An unsuccessful breakout is likely to lead to a 20% drop towards the horizontal support at $50.
LTC Price Forecast: Breakout Could Catalyze Long-Term Growth
The indications on the six-hour timeframe confirm a bullish forecast. The RSI has formed bullish divergence, hinting at the beginning of long-term growth and has risen above the 50 mark.
Moreover, LTC has broken above the short-term descending resistance line. It is possible that this will serve as a catalyst for further growth, pushing the price above the $85 range.
Despite this positive outlook, an unsuccessful attempt to break and hold above the long-term descending resistance line will likely result in a 20% drop in Litecoin to the nearest support level at $50.
Technical analysis of the daily timeframe shows that after reaching a yearly high of $115 on July 3, Litecoin dropped below the descending resistance line. On August 17, LTC fell to a local minimum of $56 and then bounced back, forming a long lower wick.
Although on September 11, the price returned to its previous minimum, it formed a bullish "double bottom" pattern, which typically leads to a breakout. Furthermore, this pattern aligns with bullish divergence on the Relative Strength Index (RSI), confirming the likelihood of an upward movement.
If the Litecoin price breaks beyond the descending line, it could surge by 37% to the next resistance at $85, coinciding with the Fibonacci 0.5 correction level.
An unsuccessful breakout is likely to lead to a 20% drop towards the horizontal support at $50.
LTC Price Forecast: Breakout Could Catalyze Long-Term Growth
The indications on the six-hour timeframe confirm a bullish forecast. The RSI has formed bullish divergence, hinting at the beginning of long-term growth and has risen above the 50 mark.
Moreover, LTC has broken above the short-term descending resistance line. It is possible that this will serve as a catalyst for further growth, pushing the price above the $85 range.
Despite this positive outlook, an unsuccessful attempt to break and hold above the long-term descending resistance line will likely result in a 20% drop in Litecoin to the nearest support level at $50.
