Litecoin (LTC) Relying on Two-Year Support: Will It Hold?

Litecoin (LTC) has shown no significant volatility for almost a year. Let's try to figure out how long this trend can last.

Litecoin is holding above the support line

The weekly timeframe shows that LTC has been rising along an ascending support line since June 2022.

Since August 2023, this trend line has been tested six times (green icons), but the bounces have not triggered significant upward movements in Litecoin. The age of the trend line already exceeds 620 days.

In addition, the token is trading above the long-term horizontal support area.

Source: TradingView

The weekly relative strength index (RSI) echoes the blurred price dynamics and also does not demonstrate decisiveness. It is growing, but is below the neutral level of 50, which indicates an undefined trend.

Cryptocurrency traders and analysts on Platform X are positive about Litecoin's prospects. Thus, CryptoSurf identified a long-term fractal indicating that the price is just beginning a long-term bullish cycle:

Weekly chart LTC/USDT. Source: X

NebraskanGooner suggests LTC could rise if it manages to break $72 barrier. CryptoMoneyKing expresses a similar idea.

LTC Forecast: Does the Trend Remain Bearish?

Despite the uncertain weekly timeframe, the daily chart is leaning bearish due to the coin's price performance.

Its movement since September 2023 has been contained within an ascending parallel channel, which indicates a corrective nature of growth.

In addition, a significant overlap within this pattern also indicates corrective growth. And finally, LTC is trading at the bottom of the channel, and the RSI index has fallen below 50. In case of a bearish breakout from the channel, Litecoin could fall by 15% to the nearest support at $58.

Source: TradingView

On the other hand, a move above the channel's midline could trigger a 16% rise in price to the resistance line at $80.

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