Litecoin (LTC), the “OG Altcoin,” Could See Over 170% Gains After This 28-Month Trendline Breakout
Litecoin (LTC), hailed as the “OG and oldest surviving altcoin” by Morris Cody, is gaining renewed attention after a recent technical breakout, with price action projecting a potential upside of over 170% from current levels.
The bullish sentiment around Litecoin has been fueled by its long-standing resilience and pioneering role in the cryptocurrency space, as highlighted by Morris Cody, a well-known crypto commentator. In a recent social media post, Cody praised Litecoin’s contributions, stating, “It is the OG and oldest surviving altcoin that has survived every bear market flush right there with BTC.”
Cody’s admiration for Litecoin stems from its trailblazing achievements, such as being the first to test the Lightning Network, which was later adopted by Bitcoin, and implementing SegWit (Segregated Witness) before Bitcoin, demonstrating its benefits. Additionally, Litecoin came to the rescue of Dogecoin in 2014 by merge-mining, ensuring the network’s security and viability.
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Show more +Technical Analysis
Beyond its historical significance, Litecoin’s technical outlook has caught the attention of analysts. Based on our analysis, Litecoin’s price recently broke out of a descending trendline, which has been a resistance for price for the last 28 months a development that could pave the way for significant upside potential.
Our analysis suggests that Litecoin has successfully retested the former resistance level and turned it into support. This scenario could open the door for a potential 170% price ascension to the top of the channel, which is currently estimated to be around $233, based on the current price of approximately $86.
Crypto analytics firm, altFINS recommends buying Litecoin on pullbacks near the $80 support level, with a potential upside target of $95 and a stop-loss set at $74. While the short-term momentum appears mixed, with the MACD line below the MACD signal line (bearish) but the RSI hovering around 50 (neutral), the overall trend is considered an uptrend on medium- and long-term bases.
Source: altFINS – Start using it today
As the cryptocurrency market continues to evolve, Litecoin’s longevity, technical prowess, and historical significance have reignited interest in this “OG altcoin.” While past performance is no guarantee of future results, the combination of Litecoin’s resilience and the recent technical breakout has captured the attention of investors and analysts alike.
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