- Litecoin (LTC) has reclaimed a crucial 880-day support trend line, sparking a bullish trend that could propel its price toward $140.
- With strong technical indicators and wave patterns supporting this upward momentum, LTC appears poised to test new resistance levels, with $100 as an immediate target.
Litecoin’s Resurgence After Reclaiming Key Support
Litecoin (LTC) is making waves in the cryptocurrency world, as it recently reclaimed a significant 880-day support trend line. This breakthrough signals potential bullish momentum and has investors wondering: Can Litecoin reach new yearly highs, with targets as high as $140 in sight?
Reclaiming Support: A Major Milestone
After a challenging year, Litecoin seems to be bouncing back. The weekly LTC price chart shows a promising upward movement along a trend line that began in June, initially driving the price to $115 in July. However, a drop followed, and Litecoin broke below the ascending trend line, eventually hitting a low of $49.90. This setback was short-lived, as Litecoin rebounded, finding support around the $50 level and pushing upward once more. In a major comeback, LTC has now reclaimed this long-term support line, moving past the $77 resistance level, indicating that previous breakdowns were just temporary deviations.
Bullish Indicators: Momentum Building Toward $100
Litecoin’s current price trajectory points toward further gains, with technical indicators supporting an optimistic outlook. The Relative Strength Index (RSI) is holding above 50, suggesting strong momentum, and the Moving Average Convergence Divergence (MACD) indicator has recently signaled a bullish cross. Together, these technical markers underscore a likely push toward the next resistance level, estimated around $100. For investors, surpassing this threshold would further validate the renewed upward trend.
Wave Patterns and Potential Targets
Analyzing Litecoin’s wave patterns offers further insights into potential price targets. The most likely wave count indicates that LTC has begun a five-wave upward movement after completing an A-B-C correction, meaning there’s room for more growth. Should this pattern continue as anticipated, Litecoin could be on track for gains that lead to a price target of approximately $143.50. This upward trend aligns with Litecoin’s history of rallying after bouncing off key support levels, adding credibility to the bullish wave count.
The Road to $140: Can Litecoin Reach New Highs?
With LTC’s recent resurgence and the bullish technical indicators in play, reaching the $140 target is becoming more feasible. However, after hitting this level, Litecoin may face a corrective pullback, potentially revisiting support areas as it stabilizes. Yet, reclaiming this long-term ascending support trend line is a crucial move that sets the stage for sustained growth, making Litecoin an asset to watch closely in the coming months.
As Litecoin continues its upward journey, market watchers will be eager to see if it can reach new highs or encounter resistance along the way. With support now firmly established, the next phase in Litecoin’s price evolution may just be beginning.
