• Litecoin price clear and definite prior uptrend supports a cup-with-handle base.
  • U-shaped bottom enforces the bullish outlook.
  • Bears unsuccessfully trying to pull LTC price below the 50-day simple moving average (SMA).

Litecoin price suggests a balance between supply and demand and confirms the bullish view that selling pressure has been exhausted.

Litecoin price reflecting historical precedent for superior bases

A strong price pattern of any type, like a cup-with-handle, “should always have a clear and definite price uptrend prior to the beginning of its base pattern.” 

In most cases, the bottom part of the cup should be rounded to scare or wear out the last of the weak holders. The handle should have a downward drift and correct around 15% from its peak. Additionally, it should form in the upper half of the overall base and above the 50-day simple moving average (SMA). 

Over the last three days, Litecoin price action has been very constructive. It is holding the 50-day SMA and remains in the upper half of the base. The handle correction is 17%, and the price has declined on lighter volume. 

Based on a rough pattern projection, LTC should take another 3-4 days to complete the handle.

Critical to the bullish forecast is Litecoin price holding the confluence of the 50-day SMA and the 50% retracement level, which is around $195.

Once the handle’s high at $230 is surpassed, the immediate target is the high at $247. The next important target is the 1.382 extension level of the entire base pattern at $29, which would represent a 29% gain from the handle high.

LTC/USD 12-hour chart

A daily close below $195 would invalidate the bullish outlook and push Litecoin price down to at least the 100-day SMA at $182.32.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. 

More PEPE News

Fantom price could rally 20% but needs to test major support level first

Fantom price could rally 20% but needs to test major support level first

Fantom (FTM) price has lost some steam after the sharp increase registered from May 15 to May 20 but looks poised for further gains, technical indicators and on-chain data show.

More Fantom News

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. 

More Cryptocurrencies News

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP