Litecoin (LTC) Price Prediction: Poised for Potential Growth After Triggering a Breakout From a 5-Month Resistance Level

Litecoin (LTC) price has received slow and steady buying pressure since August. It has kept rising by taking support on a trendline on a daily time frame.

Litecoin (CRYPTO: LTC) price encountered slow and steady buying pressure since August. It continued rising by taking support on a trendline on a daily time frame.

The Litecoin price triggered a breakout from a 5-month resistance level and a pullback. This pullback could initiate strong buying pressure.

Litecoin crypto is frequently called the “silver to Bitcoin's (CRYPTO: BTC) gold.” The token recently surprised the market by announcing it is a “meme coin.”

The announcement caught the attention of the cryptocurrency community. This happened immediately after that funny post by the creator.

Litecoin Price Overview

At press time, Litecoin price was trading at $82.50, which remained almost neutral in the past 24 hours. Its market value was $6.21 Billion, and the 24-hour trading volume was $1.28 Billion.

After this announcement, the LTC price reacted positively and surged by 15% in a few hours. The price traveled from $82.25 to $84.35 in a day, indicating fresh buying pressure.

PEPE and WIF showed significant growth recently and are listed on Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD) markets. The meme coin status is seen in the context of the overall growth of meme tokens.

This interest was reflected in the 33% increase in trading volume for LTC, indicating interest from both retail and institutional investors.

Litecoin Price Could Soar, or is it a Fakeout?

The Litecoin price showed a beautiful breakout from the crucial resistance level of $75 and triggered a pullback. The market sentiment was on the bullish side, which could work as a catalyst for a bullish rally.

It could be a buying signal if the digital asset price defends the $75 mark. If the crypto market remains bullish, it could positively impact the Litecoin crypto price.

If the price defends the previous candle's low, it may remain bullish for a longer period. On the flip side, the price could reach $100 in the next few weeks if the trading volume booms.

Alternatively, if the price slipped below the crucial level of $75, it could turn into a fakeout. Here, fakeouts could trap buyers, leading to strong selling pressure. Once the price loses 200 days, massive sales could be seen.

Turning to the technical indicators, the LTC price smashed the key moving averages, which could be buyers' strength. The MACD and the Signal line were in a positive zone, and the histograms remained green. Overall, the technical indicators favored a bullish outlook.

Litecoin Price Prediction

The Litecoin price is poised for potential growth following a breakout from a significant resistance level.

Its recent pivot to a “meme coin” identity has sparked renewed interest, reflected in a substantial increase in trading volume.

Key technical indicators align with a bullish outlook, suggesting that if Litecoin can sustain its footing above the $75 level, it may pave the way for a rally toward the $100 mark.

However, a drop below this crucial support level could signal a potential fakeout, leading to selling pressures that would negatively impact its price trajectory.

Thus, monitoring market sentiment and trading volume will be essential in assessing Litecoin's near-term performance.