Litecoin price is starting to pick up momentum, and traders are beginning to eye the $130 mark as the next big test.
After spending years stuck under long-term resistance, LTC is now showing signs of a breakout and analysts are watching both short- and long-term charts for clues.
On X(Formerly Twitter), LitecoinRicky posted a tweet saying, “Pull up the anchor cause we’re leaving dry land”, which indicates Litecoin might finally be breaking out of its long sideways phase. This is consistent with what has been happening on the charts, LTC price has broken just above a key trendline that’s held LTC back since 2017.
What you'll learn 👉
Litecoin Price Breaks Above Long-Term Trendline
On the macro chart, Litecoin has been forming a symmetrical triangle for over six years. That means it’s been making lower highs and higher lows, gradually squeezing toward a breakout point. Now, for the first time in a while, price has moved slightly above the top of that triangle.
LTC price is trading around $114, just above that upper boundary. If this breakout holds, analysts say subsequent levels to watch are $120 and $130. This exact same setup took place in early 2021, when a breakout created a strong rally to $200.
LTC MACD Signal Supports Short-Term Move
Zooming in to the 1-hour chart, momentum is picking up fast. A bullish MACD crossover just appeared, with the MACD line crossing above the signal line. That’s usually a sign that buyers are stepping in.
LTC price had been stuck between $112 and $118 for about a day, but now it’s pushing upward. Crypto analyst NumberOfWealth pointed to this MACD signal as a sign LTC could be heading toward $130 “in the coming hours.”
Read Also: Litecoin (LTC) Price Approaches Its Biggest Test in Years – Is a Breakout Finally on the Table?
Key Levels to Watch
Support around $112 continues to hold strong. That’s where LTC has bounced from several times in the past few days. On the upside, $130 is shaping up as the next key resistance, both technically and psychologically.
Traders should watch closely. The $130 level is a key resistance, and LTC price needs a clean breakout with strong volume to confirm the move. If it stalls here, a short-term pullback toward $118 wouldn’t be shocking.
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