Litecoin (LTC) Technical Analysis: Accumulation Phase Signals Breakout to $121
- LTC is compressing inside a symmetrical triangle near resistance, signaling a potential bullish breakout.
- Higher lows formed during a 1,274-day accumulation phase highlight a strong long-term foundation.
- A confirmed breakout above $87.8 could shift the momentum toward $95, $103.5, and $113.7, and even $121.
Litecoin (LTC) is building strong momentum after a prolonged period of accumulation, signaling an upcoming breakout. Rising buying pressure suggests that the cryptocurrency is preparing for significant upward movement in the near future.
At the time of writing, LTC is trading at $81.44, supported by a 24-hour trading volume of $244.83 million and a market capitalization of $6.24 billion. Its price has shown stability over the last 24 hours and over the last week.
Source: CoinMarketCap
Also Read: Litecoin’s Bullish Setup Revealed: Can LTC Rocket from $84 to $180?
Litecoin Set for Breakout After 1,274 Days of Accumulation
Litecoin (LTC) has been in an accumulation phase for 1,274 days, making a series of higher lows that indicate rising buying pressure. This is a prelude to a breakout as the market absorbs the sell pressure in preparation for a major move. The formation of a strong symmetrical triangle is potent enough to indicate that a strong positive breakout is imminent.
Source: Rose Premium Signals
If LTC manages to break past the critical resistance level, the next critical level to reach is $121, which is a significant level that may spark even more buying pressure, hence propelling the Litecoin price to even greater heights. Based on positive market conditions, Litecoin’s recent breakthrough may spark a fresh buying spree in the weeks to come.
Litecoin (LTC) Eyes $113 with Strong Bullish Formation
Moreover, the crypto analyst, Crypto Patel, highlighted that Litecoin ($LTC) has formed a clean and strong bullish formation, with a strong sell-side sweep confirmed at $87.80. Since then, the price has managed to remain above critical external liquidity points, which is a solid indication that there is a potential for an upwards move.
The Litecoin upside goals are set with very distinct targets, with significant areas of liquidity identified at $95, $103.50, and $113.70. It is essential to note that these areas are identified on the basis of the Previous Market High (PMH) and DOL liquidity, which are significant points where the price might face resistance.
Source: Crypto Patel
Although the technical setup is encouraging, risk management is a necessary part of a trade plan. The downside invalidation level is projected at $76.70, which would affect the existing bullish plan. Now that the market structure is established, precision in trade execution is essential in order to take advantage of the potential climb in Litecoin.
Also Read: Litecoin (LTC) Price Analysis: Consolidation Phase Hints at Potential Rally to $160
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