- LTC revisits the past; repeats pre-2019 price rally pattern
- What does this mean for LTC
Since its halving, Litecoin has had a difficult time, the price of the coin has decreased massively by 70% since its last surge in 2019. The coin is trading at $45 and has a market cap of $2.82 billion, just below Bitcoin Cash and above EOS. Currently, the coin is repeating a pattern last seen before the rally that triggered a price surge of 556%.
The current trade pattern is showing a falling wedge, which indicates a bullish pattern. The breakout has already happened, driving the price of the coin toward major resistance at $50. Penetrating this would suggest the persistence of the pattern last seen in 2018, stretching from November to December. This seems like a long-term price trend that Litecoin might undertake. If it persists, it will influence the price of the coin positively, likely to the $65 – $100 range.
Litecoin (LTC) Price Today – LTC / USD
This repeat pattern may happen for over four months. The first aim would be $63, penetrating this would put the price of the coin on a mounting line to $78. At $78, the price of the coin will either move sideways or go back to $70. Any additional price rally from this zone would put the price into its last target at $90 to $100.
What does this mean for LTC
The 50-day MA is a hint of why this might come to the past. The 50-day MA is currently supporting the price of the coin from further decline. Any price movement above the $75 level would end the death cross and prepare the stage for a golden cross. It is noteworthy that the price of LTC decline by roughly 43% since the death cross.
The MACD indicators have the same features as the first fractal formation. Further confirming the forthcoming price rally. Supporting the price rally is the OBV for Litecoin, which is being supported at $236K. A leap from this zone would influence the price of the coin positively. The impending price rally has the following price targets, $50, breaking this, LTC’s next target would be $63, trailed by $78 and a retracement to $70.
The next targets, if the momentum hasn’t dried out, would be $90 to $100. LTC seems to be among the top-10 crypto that is performing well, the next recovery may likely be plugged by the $55 level. The resistance levels are $55, $57, and $59. While the support levels are $45, $43, and $41.