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After being pretty dull for a long time, Litecoin is finally showing signs that it could turn things around. It’s not just doing better against the US dollar but also gaining ground on Bitcoin and Ethereum.
As August kicks off, Litecoin could surprise everyone by being one of the best-performing coins.
Since late last year, Litecoin has been stuck under a trend line that keeps pushing the price down. It also fell below the $105 mark, which has been important since 2022. But in July, Litecoin managed to climb back above that level, even though it couldn’t fully break past the downward line just yet.
Now, it’s making another try. This is the fifth time it’s trying to get through that barrier. Right now, it’s sitting above the trend line, but it needs to close the week above $120 to make the breakout real. If it does, there isn’t much standing in its way until around $200 or more. That means Litecoin could rise fast.
The weekly chart and technical indicators are looking good. The RSI is above 50, and the MACD is in the green. Both are signs that a breakout could be coming soon.
Looking at the shorter-term chart, Litecoin seems to have finished a five-step rise and then a typical three-step drop inside a wedge shape. It broke out of that wedge recently, which usually means an upward move is starting again.
What’s even more exciting is how Litecoin is doing compared to Bitcoin and Ethereum. Most altcoins are doing better than Bitcoin right now, but still behind Ethereum. Litecoin is an exception. It’s actually showing strength against both. Against Ethereum, it has formed a double bottom, which often leads to a bounce up. Against Bitcoin, it has already broken two key resistance levels.
So with everything lining up, Litecoin looks ready to shine. If momentum keeps building, it might finally have its big breakout this month.