Is Litecoin ready to take off to new highs?
While the cryptocurrency market is going through a downturn, Litecoin (LTC) seems poised to change the trend. After struggling to surpass its previous all-time highs in 2021, the cryptocurrency could experience a meteoric rise in the coming months.
LTC price chart with the 200-day moving average indicator.
(LTC/USDT) Source: TradingView
Technical indicators show a clear upward trend. After a solid bounce from its support at the 200-day moving average in early February, Litecoin is gaining ground and is dangerously close to the resistance at $140. The formation of an ascending triangle suggests an upcoming breakout to the upside, with the aim of returning to the all-time highs of late 2021 at $300, and even reaching the all-time record at $413.
