Litecoin (LTC) Price Analysis: Will LTC Return to $100?

Litecoin (LTC) has rebounded from its long-term upward support line and is attempting to break out of the short-term bullish pattern. Let’s delve into whether Litecoin will manage to reclaim $100 or if its attempt to sustain growth will falter.

Litecoin Bounces off Long-Term Support

Litecoin has been moving along the long-term upward support line since June 2022. Starting from August 2023, the LTC price has bounced off the trend line six times (green markers), with some coinciding with the horizontal support area. This week, the asset began an upward movement but has yet to demonstrate impressive results.

Source: TradingView

The weekly Relative Strength Index (RSI) indicates bullish momentum, as the indicator has just risen above 50, hinting at continued growth.

LTC Price Forecast: Will the Breakout Attempt Succeed?

The technical analysis of the daily timeframe aligns with the bullish indications on the weekly chart. It shows that LTC is in the process of breaking out of an ascending triangle that has been in existence since August 2022. Although the altcoin has breached resistance, it still needs to achieve a daily close above it.

The daily RSI supports the breakout, as the indicator has risen above 50 and is increasing. If the upward movement continues, Litecoin could reach the resistance area at $95, which is 28% higher than the current price.

Source: TradingView

However, deviation from the $75 resistance level could trigger a 12% decline to the triangle support line at the $68 mark.

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