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Litecoin price forecast: on the verge of a bullish breakout

 


The Litecoin price could rise sharply now as it is on the verge of a bullish breakout. Will the LTC price be able to break the trend line?


Will the Litecoin price rally to the 50-month EMA?

Litecoin price is still at the trendline where it was rejected last month. If LTC bullishly breaks the trendline, it could rally to the next Fib levels around $80 or even $105, with the 50-month EMA around $100 acting as significant resistance.


Also, the histogram has been ticking bullishly higher so far this month and if it closes bullishly, it would be an indication of a bullish trend reversal.


Will the Litecoin price now bullishly break the trend line?

In addition, the histogram of the MACDs in the weekly chart is ticking bullishly higher and the MACD lines are also bullishly crossed. Meanwhile, the RSI is showing itself neutral.


If the LTC price is rejected again at the trend line, significant Fib supports await around USD 55 and USD 50.


The 50-day EMA around $59 serves as support

In addition, the LTC price is still above the 50-day EMA, which serves as support at around USD 59. In the daily chart, the MACD is indecisive, because the histogram is ticking both bullishly higher and bearishly lower, while the MACD lines are on top of each other.


In addition, LTC price is forming a series of higher lows as LTC recently formed its fourth consecutive higher low.


Against BTC, LTC is still moving between the EMAs

Not much has changed since the last LTC price forecast , which was published almost a week ago. LTC price is still floating between 200-day EMA resistance and 50-day EMA support against BTC. So, LTC is facing resistance at around 0.0027 BTC, while it finds support at around 0.0025 BTC.


The MACD is bearish on the daily chart because the histogram is ticking bearishly lower and the MACD lines are bearishly crossed.


Long-term trend of LTC vs BTC remains strongly bearish

Litecoin has been in a parallel downtrend channel against BTC for years. The MACD is still bullish in the monthly chart, because the histogram is ticking bullishly higher and the MACD lines are bullishly crossed.


The 50-week EMA acts as a key resistance


The 50-week EMA acts as a key resistance, which has only been broken once in almost four years, after which Litecoin price immediately bounced back below the 50-week EMA without touching the 200-week EMA.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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