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Highlights
- Litecoin rebounds from support at $75, seeking to close the day above $80.
- A strong LTC/BTC pair would be bullish for LTC price in the coming weeks.
- Litecoin has the potential to rise above $100 and enter the next recovery phase to $200.
Litecoin price remained heavily depressed due to the extended bearish landscape in the cryptocurrency market. The Bitcoin fork coin hovered at $78 during the US trading session on Thursday. Earlier in the week, LTC plunged to $75, affirming this level as support.
A new uptrend shows signs of rebuilding to the $100 psychological resistance, which when broken could trigger the next bull run alongside major digital assets Bitcoin, Ethereum, Solana, and more.
LTC/BTC Pair Shows Strength As Litecoin Price Rebounds
The LTC/BTC trading pair has since the beginning of May corrected by a significant 15% in the same way many altcoins have depreciated against Bitcoin.
However, the last few days have favoured Litecoin price, backing an approximate 4% appreciation against the largest cryptocurrency. Currently, with a ratio of 0.001168, the pair has the potential to recover lost ground back to May’s peak of 0.00139.
Recently the Moving Average Convergence Divergence (MACD) indicator flashed a buy signal, encouraging traders to consider buying Litecoin against Bitcoin.
This call to buy holds on the four-hour chart with the blue MACD line about to cross the neutral area into the positive region. Also in support of this bullish thesis are two Exponential Moving Averages (EMAs); the 20-day EMA in blue and the 50-day EMA in red.
A larger breakout could be expected should the LTC/BTC trading pair breach resistance at 0.001183, as highlighted by the 78.6% Fibonacci retracement level.
Other levels traders would be interested in keeping an eye on are the 200-day EMA in purple currently at 0.001218 and the 50% Fibonacci level at 0.001260.
Litecoin Price Flaunts Triple Bottom Pattern
The LTC/USD trading pair also shows a lot of potential for an incoming breakout. This follows the establishment of solid support at $75, backed by a triple bottom pattern.
Litecoin is very close to breaching resistance at $80 after reclaiming the 20-day EMA as immediate support. A buy signal from the MACD backs the rebound, implying that LTC will likely close the day above $80 or the 50-day EMA.
Bulls have an uphill battle to prove their control to tap into the triple bottom pattern breakout since it is unconfirmed. This pattern is usually validated by the price breaking above the neckline resistance, in this case, the red band between $88 and $90.
With such a move more buyers will be interested in LTC to benefit from movement above $100. Immense trading volume reinforces the bulls’ presence in the market and could trigger the next rally toward $200.
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