Litecoin (LTC) Price Targets $100 Amidst Flat Market Conditions

LTC Price Finishes Correction With Breakout

The analysis of LTC’s daily time frame suggests a positive forecast for its price, supported by several factors. Firstly, the price has broken out from a descending resistance line that had been present since April 18, indicating the completion of the previous correction.

The breakout was preceded by a strong bounce on May 8 (green icon), which reclaimed the 0.618 Fibonacci retracement support level.

The principle behind Fibonacci retracement levels suggests that after a considerable price movement in one direction, the price will retrace or go back partially to a previous price level before continuing in its original direction.

The 0.618 Fib level most often acts as the bottom during corrections. So, its reclaim is also a strong sign that the preceding correction has ended.

Secondly, LTC has completed a corrective pattern known as an A-B-C structure (white). This reinforces the belief that the correction has finished and a new upward movement has commenced.