Litecoin gains momentum above the $100 mark despite market turmoil. Further, an analyst predicts a potential breakout rally in LTC prices at $110, targeting $129. Amid such bullish chances will Litecoin prolong the rally to $176?
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
As Bitcoin BTC $83 489 24h volatility: 2.0% Market cap: $1.66 T Vol. 24h: $28.65 B gradually nears the $100,000 mark, Litecoin LTC $77.59 24h volatility: 1.2% Market cap: $5.88 B Vol. 24h: $341.52 M is gaining bullish momentum. The increasing strength of Litecoin suggests that it could follow Bitcoin’s upward trajectory.
As Litecoin sustains dominance above the $100 psychological mark despite the broader market crash, the underlying support is commendable in the LTC price chart.
In the daily chart, the LTC price trend reveals a consolidated move within two crucial zones. The overhead ceiling remains at the $140 psychological zone.
Meanwhile, the lower band remains a demand zone near the $100 psychological mark. Currently, the recent pullback created six consecutive bearish candles in the LTC price trend.
This accounted for a price drop of nearly $22.30. However, the bulls are back in Litecoin, accounting for a price surge of 2.24% last night, followed by an intraday recovery of 3% today.
Currently, Litecoin trades at a market price of $106.55 while taking overhead rejection from the 50-day EMA line. Along with the dynamic resistance, Litecoin faces opposition from the 23.60% Fibonacci level at $111. Despite the short-term obstacles, the RSI line is hinting at a bullish comeback.
Based on the historical price trend, RSI has bounced back multiple times from the 41.50 level. This has repeated over the past few months and is now taking another step upward. Hence, the momentum indicator takes an optimistic viewpoint on Litecoin.
Supporting the bullish chances, Carl Moon is hinting at a massive comeback in Litecoin. With a potential target of $129, Carl Moon highlights an ascending triangle pattern on Litecoin’s hourly time frame. This accounts for a nearly 18% surge in LTC price to reinstate a breakout rally.
Apart from the ascending triangle, the short-term support trend line of Carl Moon reveals a continuous trend of high and low formation, reflecting the bullish support at lower levels.
As Litecoin aims for a breakout rally, the on-chain indicators highlight the resistance levels. As per the global in-and-out-of-the-money indicator by IntoTheBlock, a Litecoin above $110 will result in a breakout rally.
This will push Litecoin into the $110-$127 resistance supply zone holding 7.05 million LTC supply. The current zone between $97.20 and $110 holds 9.19 million LTC. Projecting a greater volume at profit increases the chances of a bullish trend. If LTC manages to surpass the $107 mark, the next supply zone projects a potential rally toward $176.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
