**Litecoin (LTC) Price Poised for 97% Upside as Analysts Track Crucial Resistance Levels**
NOIDA (CoinChapter.com) — Litecoin (LTC) is approaching a critical juncture, with technical indicators hinting at a possible breakout from an extended accumulation phase. A chart presented by Trade Pro illustrates several instances of rejection at the $68-$70 resistance zone.
The ongoing inability to breach this level emphasizes its significance, having acted as a substantial barrier for Litecoin. However, such accumulation phases often precede major price movements, and LTC is once again testing this resistance.
Market analysts express optimism regarding the future of Litecoin’s price. Source: X
A daily close above $70 would likely indicate the conclusion of this accumulation phase, potentially setting the stage for a robust bullish rally toward the next significant resistance levels between $75 and $77. This zone remains uncharted and signifies a pivotal shift where bearish momentum could convert to bullish.
Trade Pro’s analysis supports this outlook, suggesting that a breakout from the current accumulation could trigger an upward movement for Litecoin. The combination of this technical setup and positive market sentiment could push LTC towards new heights if buyers take charge.
Conversely, failure to overcome the resistance could leave Litecoin trapped within its current range or subject to downward pressure. The price movements of LTC in the forthcoming days will be vital in shaping its medium-term trajectory. Notably, the cryptocurrency, often dubbed the “silver to Bitcoin’s gold,” has exhibited a bullish technical formation.
**LTC Price Develops Bullish Patterns**
The LTC/USD pair has established a bullish technical pattern known as the “falling wedge.”
The LTC/USD pair has formed a bullish pattern targeting a 97% upside. Source: TradingView
This falling wedge is characterized by two converging downward trendlines that connect lower highs and lower lows, indicating a bullish reversal. The narrowing formation suggests that, despite the prevailing downtrend, the bearish momentum is gradually diminishing, typically foreshadowing an upward breakout.
A key aspect of the falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, signaling a reduction in selling pressure. When a breakout occurs—usually upward—it indicates that buyers are gaining control.
To gauge the potential price target following a breakout, traders measure the vertical distance between the widest points of the wedge and project that distance upward from the breakout point. An increase in trading volume during the breakout reinforces the strength of the reversal, enhancing market confidence regarding its success.
According to technical analysis principles, the LTC/USD conversion rate could soar over 97% from its current level, reaching an estimated target of approximately $134.
**Litecoin Forms Additional Bullish Pattern**
Additionally, a closer examination reveals that the LTC/USD pair has formed yet another bullish pattern, referred to as the “ascending triangle.”
The LTC/USD pair has formed a bullish pattern with a 20% upside target.
This pattern emerges when a horizontal resistance line connects swing highs, while an ascending trendline links higher swing lows. Such a setup indicates increasing buying pressure as the price approaches the resistance level.
The ascending triangle formation suggests that buyers are gaining traction, and a successful breakout could lead to further upward momentum for the LTC/USD pair. This technical configuration offers a solid framework for evaluating potential price movements in the near term.
In technical analysis, the price target for this pattern is determined by measuring its height and projecting that measurement from the breakout point. This analysis suggests a price target around $82 for LTC, representing a 20.6% increase from the current level.
Presently, the Litecoin price is testing the upper trendline resistance of the pattern.
**LTC Price Bulls Aim to Maintain Above EMA Resistance**
Recent price action for LTC has shown a bullish trend, with the token reaching higher highs before encountering selling pressure as the LTC/USD pair surpassed the 100-day EMA (blue) resistance. Consequently, LTC’s price fell over 3%, hitting a daily low near $67.4.
Should the token initiate another rally, it is expected to target the 200-day EMA (green) resistance around $71.5. A breakout and sustained performance above this immediate resistance could pave the way for a climb toward the resistance near $76.7.
LTC/USD daily price chart with RSI.
However, if the LTC price fails to breach the ascending triangle’s resistance, the token may drop to the support confluence formed by the 20-day EMA (red) and 50-day EMA (purple) near $64. A breakdown of this immediate support could push the LTC/USD pair down to the support level around $61.
At the time of writing, the RSI for LTC remained neutral, registering a score of 58.6.
