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Author: Admin | 2025-04-27
Key TakeawaysLTC broke out of horizontal support, confirming bullish potential.Lower-degree correction is now likely developingUpside Targets: Bullish continuation could aim for $146 and $200.Litecoin recently broke out of a prolonged horizontal support zone, signaling the start of a potential bullish trend.After consolidating between $50-$70, LTC surged to a high of $146 before entering a corrective phase. Key Fibonacci levels now act as critical supports, setting the stage for a potential upward continuation.LTC Price AnalysisThe LTC daily chart shows a clear breakout from a prolonged horizontal support zone, signaling a potential bullish wave formation. After consolidating between $50-$70, Litecoin surged past key Fibonacci levels, suggesting an upward continuation toward higher targets aligned with wave 3. On Dec. 5, it reached a high of $146 after which a downturn to $101 followed.LTCUSD developing wave 3 | Credit: Nikola Lazic/TradingView Wave 2 corrections held firm within the horizontal support range, confirming a strong base for further upward movement. A breakout above the $125.69 resistance (1 Fib) has triggered significant buying momentum. However, the Relative Strength Index (RSI) indicates overbought conditions, suggesting a possible pullback or brief consolidation before resuming the bullish trend.Further upward momentum depends on maintaining support at $97.12 (0.618 Fib) and $109.68 (0.786 Fib). If the price remains above these levels, Litecoin could target $146 (1.272 Fib) and $200 (2 Fib extension) in the next bullish phase. Volume confirms strong buyer participation during this rally.Key ObservationsBreakout Confirmation: LTC broke out from long-term horizontal support, signaling bullish strength.Bullish Targets: Next targets are $146 (1.272 Fib) and $171.91 (1.618 Fib).RSI Overbought: RSI indicates overbought conditions, cautioning a short-term pullback.LTC Price PredictionThe hourly LTC chart shows a completed 5-wave impulse pattern, followed by an ABC correction in progress. Litecoin has retraced from a high of $146.85 and is forming a wave b, indicating a potential drop toward the wave C target near key Fibonacci support levels.LTCUSD lower degree ABC with one more leg down ahead | Credit: Nikola Lazic/TradingView The 0.618 Fibonacci retracement ($96.23) and 0.786 ($82.48) are critical areas where the correction could end. If these levels hold, Litecoin could start a new upward rally targeting $146.85 and beyond. RSI indicates neutral momentum, suggesting room for further downward movement before a reversal. A successful bounce from the $82-$96 range could validate the start of a new bullish cycle, with the price reclaiming higher resistances at $115.56 and $127.52 in the short term.Key Levels to WatchImmediate Support: $96.23 (0.618 Fib) and $82.48 (0.786 Fib).Downside Target: $64.95 (1.0 Fibonacci retracement, Wave C potential bottom).Resistance Levels: $115.56 (0.382 Fib) and $127.52 (0.236 Fib).Bullish Target: $146.85 (previous Wave V high) for trend continuation.RSI Insight: Neutral RSI suggests a potential continuation of correction before reversal. Disclaimer: The information
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