- Litecoin is showing signs of a bullish breakout after completing a five-wave recovery to the $100 level, suggesting the start of a larger upward trend.
- Key support zones at $85–$90 and $80 could serve as launch points for the next major rally.
Litecoin (LTC), often dubbed the “silver to Bitcoin’s gold,” is once again catching the attention of technical analysts and traders alike. Created by Charlie Lee in 2011, this peer-to-peer cryptocurrency is known for its faster transaction speed and lower fees compared to Bitcoin. Now, a fresh bullish pattern is forming that could signal the beginning of a strong upward move.
Bullish Elliott Wave Pattern Forms on Litecoin
On the 4-hour chart, Litecoin (LTCUSD) has completed a clean five-wave recovery, pushing the price back up toward the $100 level. This five-wave move is a hallmark of an Elliott Wave impulse, often signaling the start of a larger bullish cycle. Analysts now view this recovery as the beginning of a higher-degree wave (1), setting the stage for a much larger rally once the current corrective phase wraps up.
Currently, LTC appears to be in a complex W-X-Y correction, forming wave (2) of the bullish sequence. Importantly, this correction seems to be entering its final stages — a signal that momentum could soon flip back in favor of the bulls.
Key Support Levels to Watch
For traders watching closely, there are two main support zones that could act as a springboard for Litecoin’s next move:
- First Support Zone: $90–$85
This range is the initial area where buyers may step in, potentially ending the current correction. - Deeper Support Zone: $80
If price dips further, the $80 level is seen as a stronger floor that could hold and launch LTC into wave (3) of the bullish pattern.
What’s Next for Litecoin?
If the Elliott Wave structure plays out, Litecoin could be gearing up for another impulse rally — wave (3) — which typically brings even stronger upside than wave (1). Traders and investors should keep an eye on the $85–$90 zone as a potential launching pad. With momentum building and technicals aligning, Litecoin might just be preparing for its next big breakout.
