Analyst Maps Litecoin (LTC) Price Path to $200: One Breakout Might Be Enough

Pschuett made an analysis on TradingView that suggested that the price of Litcoin might be ready for a major run based on an impending breakout.

His chart suggests that the price could experience a spike to as high as $200 if this becomes successful.

Currently, Litecoin is trading within a long-term descending triangle, characterized by stable support levels and a consistently declining resistance line. As the price approaches this critical resistance, the likelihood of a breakout becomes increasingly plausible.

If Litecoin can manage to break above this descending trendline, the analyst’s chart shows that it could trigger a surge in bullish momentum, potentially driving the price up to the $200 mark.

Read Also: Polkadot (DOT) Price Analysis: $5.32 Entry Signals Potential Breakout – Here Are the Targets

The descending triangle pattern demonstrates price compression. The upper resistance clearly defined by the downward slope of the trendline and the lower support forms a stable horizontal base.

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.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo