• Since mid-July 2022, LTC has shown positive momentum.

  • The formation of an ascending triangle pattern indicates a potential trend reversal.

LTCUSDT, the Litecoin to Tether trading pair, has had a noteworthy journey recently. From January 2020 to April 2021, the cryptocurrency has shown an impressive 750% return, but faces significant hurdles in surpassing its recent high of $413.

This resulted in a bearish trend that lasted nearly 14 months. However, since mid-July 2022, LTC has shown positive momentum, recovering nearly 150% from its lows. In this analysis, we will delve deeper into the current price action, identify the ascending triangle pattern, and discuss the potential implications for traders and investors.

Impressive performance and key levels

LTCUSDT has been trading around the $91.99 level, showing strong growth over time. Despite challenges in breaking through the $413 mark, the cryptocurrency has historically performed well.

The key levels to monitor include $149.84 and $326.83, which could be important resistance or support levels. Additionally, a notable weekly demand area is observed at $45, suggesting potential buyer interest at this level.

Litecoin (LTC) current price trend

Ascending Triangle Pattern and Potential Reversal: On the weekly timeframe, LTCUSDT formed an ascending triangle pattern from April 18, 2022 to July 17, 2023.

This pattern, combined with the recent surge in volume, points to a potential trend reversal and increased volatility. Traders should keep an eye on this development as it could indicate a shakeout of weak buyers and the emergence of a new bullish trend.

Litecoin price projected targets and breakout potential

Based on the range structure of the ascending triangle pattern, a measured move can be identified. If LTCUSDT breaks above the resistance at $110.80, it is possible to reach target 1,190 and target 2,330. These levels represent potential price milestones if the bullish momentum continues and the breakout persists.

While the ascending triangle pattern signals a potential breakout and a bullish scenario, caution is warranted. A bearish scenario would materialize if LTCUSDT breaks below the $75 support level.

This would invalidate the bullish view and could lead to a shift in market sentiment. It will be critical for traders and investors to closely monitor price action and adjust their strategies accordingly.

The LTCUSDT trading pair has performed well in the past, recovering from a bearish trend and showing positive momentum since mid-July 2022. The formation of an ascending triangle pattern indicates a potential trend reversal and breakout.

Traders should carefully watch for a breakout of the $110.80 resistance level, which could propel LTCUSDT toward higher price targets. However, caution is advised as a break below the $75 support level could signal a bearish scenario. Vigilance and adaptability are essential for traders and investors to navigate the LTCUSDT market. Especially with the halving event just around the corner.