• Litecoin price reaches measured move target in just two weeks.
  • Weekly Relative Strength Index (RSI) flashing bearish momentum divergence.
  • Volume profile remains robust with higher volume on positive days and lighter volume on negative days.

Litecoin price has been the beneficiary of the broader strength in the cryptocurrency complex. Still, the robustness of volume shows a belief in the underlying LTC fundamentals and its future. However, upside may be limited in the short term as the rally consolidates around the confluence of the measured move target and the 61.8% retracement of the 2017-2018 bear market before capitalizing on the conviction for a new all-time high.

Litecoin price unphased by Bitcoin’s struggles with new highs

The breakout from a symmetrical triangle pattern began with a whimper on April 3 but soon ignited and rallied LTC close to the measured move target of $292.20, a gain of 38% from the triangle breakout. 

A broad swath of technical data supports a continuation of the rally, but the bearish momentum divergence on the weekly RSI does raise some caution for speculators. A bearish momentum divergence occurs when the price makes a new high, but the RSI prints a lower high. 

Nevertheless, the breakout conviction has established the basis for LTC to potentially rally a further 47% and knock on the all-time high of $420.00. Some resistance will come into play at the 78.6% retracement of the 2017-2018 bear market at $334.88, but after that, the path is open for new all-time highs.

LTC/USD daily chart

LTC/USD daily chart

If a consolidation emerges, it should find support in the area of the February 20 high at $247. A failure to hold would put the rally in question and expose LTC to a decline to the 50-day simple moving average (SMA) at $204.11.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP