The price of Litecoin has started a breakout to the upside from the minor horizontal resistance level at around $139.4 which is why further upside movement would be expected above the prior high.
- If we are seeing the 5th wave out of the higher degree impulse developing the price is set to exceed the prior high.
- The next significant resistance area would be at around $154 but the price could go even higher.
- The price of Litecoin has increased by over 495% from 15th of December which is why after the completion of this ending wave a retracement of the same degree would start developing.
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Litecoin Price Analysis LTC/USD
From yesterday’s low at $134 the price of Litecoin has increased by 5.66% as it came up to $141.581. The price is currently in the upward trajectory with the last hourly candle starting to push the price above the previous horizontal resistance level and breakout to the upside.
On the hourly chart, you can see that the last hourly candle has started a breakout but it could still close below the horizontal resistance at $139.5 although considering today’s market sentiment unlikely.
The price has previously moved sideways from 15th of June which could have been the 2nd wave correction out of the next five-wave increase to the upside. If this is true then we are currently seeing the 3rd wave developing to the upside which is usually the strongest one.
This means that if we are in fact seeing a breakout to the upside it could bring the price of Litecoin significantly higher but most definitely above the prior high at $144 and potentially to the next significant resistance point at around $154.
We could be seeing a correctional upside move but considering that the bullish sentiment is currently dominant in the market I don’t believe that’s likely.
The price has increased by over 495% from 15th of December which is why after this 5th wave of the higher degree develops a correction of the same degree would be expected which could bring the price of Litecoin to some of the broken resistance points on the way up for a retest of support.
Before that, the 5th wave should develop fully which is why from here further upside movement would be expected until we see clear signs of weakness and the momentum slowing down.