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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 03, 2023 08:54 UTC
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Litecoin’s Road to $100: Will Bulls Break Through $68 Resistance?
LTC price action shows a potential inverted head and shoulder pattern with a neckline at $68.
The uptrend faces opposition from the 50-day EMA.
A rise above $68 will skyrocket the LTC price to $100, a 40% jump.
Within the lateral movement of Litecoin, the LTC price trend faces bearish dominance at the $68 horizontal zone. With multiple breakout attempts, the price action shows an inverted head and shoulder pattern rising in the daily chart.
However, the bullish pattern faces multiple bearish oppositions that might delay or reverse the triggering of the breakout rally.
With a dominant resistance trendline in motion, the LTC price trend remains under bearish control, leading to lower high formation. Following the sharp fall with the death cross in the daily chart, the Litecoin price struggles to get any notable bullish momentum.
Currently, with the recent price jump in support of the Uptober rally in the market, Litecoin challenges the overhead bearish stops. However, the 50-day EMA and the resistance trendline keep the bullish growth under check.
With buyers struggling to overcome the resistance trendline, check out our Litecoin price prediction for a long-term perspective.
As of now, the LTC price trades at $66.55 with an intraday growth of 0.83% as the buyers aim to complete the inverted head and shoulder pattern. However, the recent bearish engulfing candle formed due to the incoming supply warns otherwise.
Technical indicators:
DMI indicator: The falling ADX line continues the negative trend, reflecting a low momentum phase for Litecoin. However, the bullish turnaround in the DI lines projects a high possibility of an upside breakout.
EMA: Sustaining above the 50-day EAMA will be critical for Litecoin’s price to continue the recovery rally.
Will LTC Price Rise To $100?
If the price of LTC completes the bullish pattern, it must break through the $68 resistance level to trigger a bull run. If the breakout occurs, the LTC price may face resistance at the $80 level before reaching the $100 mark.
Alternatively, if the downtrend persists, it will break through the $60 level and test the bullish dominance at the $50 support level.
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