LTC broke through the long term resistance zone of $ 85.
Long term indicators are bullish for LTC / USD like LTC / BTC.
LTC / BTC pair broke a descending resistance line.
Litecoin (LTC) price finally broke through resistance at $ 85. He had been struggling to pass this area for over a year.
Both LTC / USD and LTC / BTC are expected to continue to rise towards the targets shown below.
Passage of long-term resistance
The weekly chart shows that LTC has finally broken through the resistance at $ 85, which it has struggled to do since July 2019. While it has yet to close above this area, it is virtually certain that it will succeed, ruling out a possible wave of massive sales.
Volume increased as price advanced, and indicators are all bullish, increasing the validity of the resistance crossing. The next resistance is found at $ 145.
The daily chart shows that the rise in LTC accelerated when price broke a descending resistance line.
Technical indicators are bullish and showing no weakness, supporting a possible target around the $ 145 area.
That said, the two hour chart is showing the first signs of weakness
LCT is following a very steep ascending support line, which is likely to be unsuccessful in the long run. Additionally, both the RSI and MACD have formed bearish divergences, which is a sign of a weakening trend.
Thus, a decline towards the support at $ 91- $ 95 (fibonacci retracements 0.5-0.618) could take place before LTC resumes its upward movement.
The wave count suggests that LTC started a bullish momentum in March, currently trading in a wave 3 cycle (in white below). He’s also in the middle of a 1-2 / 1-2 wave formation , found in wave 3 (in orange).
A target for the wave 3 top (in orange) is found at $ 118, while the target for the wave 3 cycle top (in white) is near $ 147. This last objective also corresponds to the resistance zone described in the first section.
On the contrary, a drop below the top of Wave 1 (red line) to $ 68.37 would negate that wave count.