Litecoin (LTC) has broken out of a symmetrical triangle pattern that has contained its price action since late 2020. The breakout, highlighted by analyst Anup Dhungana on X (formerly Twitter), marks a significant development on the weekly chart. Symmetrical triangles are typically continuation patterns, and the breakout suggests that LTC’s price may resume its bullish trend from earlier cycles.

Litecoin’s price chart shows a prolonged period of stability within a triangular pattern. The price was moving between increasingly narrow highs and lows. Recently, Litecoin broke through the upper boundary of this pattern, which could signal potential upward price movement. However, confirmation through sustained price action above the breakout zone is still necessary for validation.

The symmetrical triangle on LTC’s chart has provided clear support and resistance zones. The lower boundary of the triangle acted as a dynamic support area, successfully tested multiple times over the past three years. Conversely, the upper boundary served as a strong resistance, halting LTC’s attempts to move higher on several occasions.

With the current breakout, the focus shifts to historical resistance levels. The next potential target lies between $150 and $200, which aligns with the height of the triangle’s formation. If bullish momentum sustains, previous highs around $400 could become attainable in the longer term.

Although the chart does not display volume data, a confirmed breakout typically requires a surge in trading activity. Increased volume indicates strong buyer interest and conviction. Traders will also monitor whether LTC closes above the resistance line on the weekly chart, a key metric for breakout confirmation.

Momentum indicators will play a critical role in assessing LTC’s potential trajectory. A retest of the breakout zone could provide opportunities for traders to evaluate the strength of this move.

Read Also: Cardano (ADA) to Kickstart New Uptrend if Price Closes Above This Key Level

Anup Dhungana’s tweet, “LTC is breaking out!” reflects optimism surrounding Litecoin’s price movement. As this breakout unfolds on the weekly chart, it may attract long-term investors and traders looking to capitalize on the potential rally. With Litecoin reclaiming the “Bull Market Support Band,” the narrative around LTC’s bullish outlook continues to strengthen.

Further developments, such as volume surges and sustained momentum, will help determine whether Litecoin achieves its projected price targets. As the market watches closely, LTC’s price breakout could pave the way for new opportunities in the cryptocurrency space.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

The post Litecoin (LTC) Price Edges Out of Multi-Year Triangle—What Could Be Next? appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

182 +