Litecoin (LTC) Price: Charts Suggest $100 Incoming, But When?

Recently, Litecoin ($LTC) broke out of a falling wedge pattern, which had been ongoing for many months and could indicate a climb. Since the breakout, analysts believe a bull run on the cryptocurrency’s price action could sail soon.

However, the real question is, can Litecoin keep going upside and reach the $100 mark?

Breakdown of the Falling Wedge Pattern

Falling wedge patterns are bullish reversal patterns, which indicate the end of a downtrend. That means a breakout to the upside may be due soon.

LTC has been in a long downtrend from its peak at the end of 2022, which has now created a series of lower highs and lower lows. This falling wedge resulted from the price compression over several months. It was a sign that Litecoin was consolidating.

When examining the analyst chart, Litecoin was trending between converging trendlines, and the price volatility decreased. It was a sharp upward movement, indicative of a trend reversal.

Litecoin’s Volume Might Surge: A Critical Indicator for the Future

Trading volume is one of the most important things to monitor when the Litecoin breakout continues. The expert’s analysis argues that tracking volume increase should be the next key factor.

Volume must jump up when the falling wedge pattern breaks out, as it will prove the strength of the breakout. Less conviction in the move of a low-volume breakout often leads to a reversal or a false breakout.

The current chart shows that volume has increased during the breakout, according to the bullish scenario. If Litecoin sustains this higher volume and increases further, it will verify that the price will continue going upwards.

According to the chart, Litecoin’s price has already cracked through a crucial resistance, and more volume means more gains.

In comparison to the longer-term chart, Litecoin is targeting $100. That matches the upper resistance level of the falling wedge.

If Litecoin keeps a winning momentum, we might witness it breaking several key resistance levels. Those are set at the $85 and $90 levels, and breaking them could lead the price to the $100 level.

It, however, needs to be supplemented by the fact that Litecoin’s price behaviour is also influenced by the general market sentiment. Like all other cryptocurrencies, Litecoin has not been excluded by the current trend of volatility in the market.

However, if Bitcoin continues to perform well and the market stays up, Litecoin’s ability to rise to $100 becomes even more plausible.

Litecoin Price Technical Indicators

Looking at other technical indicators, we see that the Average Directional Index (ADX) is currently positioned at the 31.33 level. It means the trend has medium strength. Moreover, the growing trend strength could still lend several more gains to Litecoin’s progress toward its $100 target.

Litecoin has a great outlook on the bullish side as it broke out of a multi-month falling wedge with increasing volume. As long as the cryptocurrency keeps the momentum up, $100 becomes a realistic level.

However, it’s only safe to keep an eye out and observe volume trends and other technical indicators to determine whether the bull trend will continue to hold. At $100, the price target is psychological, and Litecoin breaking this resistance could start another uptrend.

Despite the bullish outlook, Litecoin price witnessed a 2.28% decline in the past 24 hours. Its price traded at $76.30 at press time. The downward trend comes alongside a decrease in 24-hour trading volume by 14.74%.

Litecoin’s circulating supply stands at 75.55 million LTC, and its total supply is 84 million LTC. Despite the recent drop, Litecoin’s trading volume-to-market cap ratio is at 5.86%. This ratio indicates moderate trading activity within the market.