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

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.

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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.

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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.