Crypto News- Analyzing the weekly timeframe technicals for LTC reveals a descent since June (red circle). Despite breaking out from a long-term descending resistance trend line and the $105 horizontal resistance area initially, a subsequent drop suggested that the upward movement was merely a deviation.
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In August, the price hit a low of $56, confirming the $60 region as robust long-term support. Since then, LTC has been gradually ascending, gaining momentum in October and breaking out from the trend line the previous week. The current focus is on LTC validating the trend line as support once again.
The Relative Strength Index (RSI), a crucial momentum indicator, currently shows an increasing trend but remains below 50, indicating an indeterminate LTC price trend.
Analysts on X predominantly express bullish sentiments for LTC’s future. SantoXBT envisions the price hitting $150-$200 by year-end, while Shan Belew attributes his optimism to the perceived undervaluation of the Litecoin network. ChrisOnCrypto aligns with this view, considering LTC as one of the most undervalued networks based on fundamentals, anticipating explosive growth by the end of January.
Looking at the daily timeframe, LTC’s bullish outlook supports the continuation of the long-term breakout. Several factors contribute to this:
Firstly, LTC breached a short-term descending resistance trend line, reclaiming the $70 horizontal area that had been a resistance since August.
Secondly, the daily RSI displays a hidden bullish divergence (green), signaling trend continuation and reinforcing the legitimacy of the breakout.