Litecoin’s path would be paved towards $400 in this case

Litecoin (LTC) recently broke out of a multi-year symmetrical triangle technical pattern, signaling the end of a long-term consolidation phase.

At the time of publishing, LTC was trading at $112,037, reflecting a 0.77% increase over the past 24 hours.

This breakthrough attracted great attention from traders, and expectations of a continuous rise in the price raised the question: “Is Litecoin (LTC) able to maintain its upward path and reach the $400 level?”

Litecoin (LTC) is set to rise

The strong momentum-driven breakout paved the way for an upward rally with focus on critical resistance levels, identified by analysts at $136 and $232 per coin.

Analysts believe that the LTC price movement indicates a strong opportunity to test these levels, which will serve as key indicators for its path, and that the breach of the technically symmetrical triangle confirms renewed buying interest, which further enhances the possibility of continuing the upward movement.

Analysts confirm that overcoming the resistance points will be decisive in the path of Litecoin (LTC) towards $400, and that the technical indicators paint a promising picture of a possible rise in the price of Litecoin (LTC), including the Relative Strength Index (RSI) and it touched the level of 61 points, indicating upward momentum with… Stay below overbought conditions.

The 9-day and 21-day moving averages also recently formed a bullish crossover, confirming a reversal in the cryptocurrency’s price trend.

Analysts require that market conditions remain favorable for the rise of Litecoin (LTC).