Home » Journal » Litecoin’s 7-Year Support Holds; Key Indicator Turns Bullish: One Key Breakout Needed for Bulls to Start Shinning

Journal

Litecoin’s 7-Year Support Holds; Key Indicator Turns Bullish: One Key Breakout Needed for Bulls to Start Shinning

Temitope Olatunji

March 1, 2024

In a recent tweet, notable cryptocurrency analyst Tony “The Bull” (@tonythebullBTC) suggested that Litecoin (LTC) may be on the verge of a major bullish breakout. Tony pointed to several key factors that support this view:

The Monthly Support Level

First, Litecoin has held support above a certain price level for almost seven full years. This demonstrates that there is significant long-term buying demand around this area, making it an important floor for the price.

The Bullish LMACD Cross

Additionally, Tony notes that Litecoin’s monthly LMACD (Moving Average Convergence Divergence) indicator is crossing bullish. The LMACD crossing bullish indicates building upside momentum, which could foreshadow further gains.

The Descending Trendline

Finally, Litecoin appears poised to break out above a long-term descending trendline. According to Tony, a decisive break above this trendline could signal that the bears are losing control and the bulls are ready to push the price higher.

In summary, with long-term support holding strong, bullish momentum building, and a key technical breakout imminent, Tony believes Litecoin is setting up for a renewed price surge. The $82 resistance zone remains the initial target to break, but Tony expects much more significant gains if LTC can close decisively above this descending trendline.

You may also be interested in:

• Ripple’s XRP Token on the Verge: Top Expert Predicts Bullish Momentum – Pay Attention to These Metrics
• Bitcoin’s (BTC) Rally Ushers in the Altcoin Era: Ethereum (ETH), Solana (SOL), and More Set to Soar – Experts Highlight These Key Metrics
• Market skepticism within Chainlink (LINK) sees more Litecoin (LTC) holders rushing into Pushd (PUSHD) presale

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

Visit eToro Now

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.