- Litecoin could rise sharply, potentially achieving a 40% surge toward $112 soon.
- Analyst LaCryptoLycus observes Litecoin following previous cycles, signaling a third major bullish phase.
- Key resistance levels at $101.50 intraday and $112.25 may confirm a bullish breakout opportunity.
Litecoin (LTC) is appearing to start a new bullish cycle after closely tracking the trends of the former market cycles. It has been observed that if the trend continues, a sharp rise in prices might be achieved within a short span of time. The performance of Bitcoin will play a prominent role in the future movement of Litecoin.
Litecoin Poised for Major Cycle Rally
Popular crypto analyst LaCryptoLycus observed that Litecoin has been following the pattern of the two preceding cycles perfectly since last year, and every time the cycle completes, there’s a massive hike that follows.
LaCryptoLycus reasons that the current scenario marks the start of the third cycle for LTC, and the common trendline remains intact above the cryptocurrency’s price, similar to the last two cycles. This could lead to a clean hike of at least 40%.
At the time of writing, Litecoin is trading at $97.42, with a 24-hour trading volume of $2.19 billion and a market capitalization of $7.34 billion. Over the past 24 hours, LTC has seen a decline of 3.73%.
Litecoin Eyes Key Market Levels
Another analyst, CRYPTOWZRD, noted that LTC ended the day with unclear action, having a candle with wicks on both sides. He noted that the day’s chart will be closely followed for any trading opportunities, although the actions of Bitcoin will greatly affect the future of Litecoin.
The daily candle for the LTC and LTC/BTC pair also closed flat. If the LTC market is to turn positive, the LTC/BTC pair must breach the next resistance level and the double top pattern.
The fact that prices are currently above $96 is considered a positive indication, but the daily candles must be strong to confirm a positive opportunity. The performance of the crypto markets, approaching the end of the week, will greatly influence the short-term future of the LTC markets.
Also Read | Litecoin Breakout Alert: LTC Set for a Powerful Move to $278 and Beyond
LTC Eyes Crucial Resistance Levels
The intraday chart also revealed volatility for today. With a shift towards the $101.50 intraday resistance level, further bullish actions might be triggered. If the prices of LTC manage to remain above the level, the resistance at $112.25 will be tested. Yet if the level of $101.50 cannot be breached, the sideways trend might be ongoing.
Also Read | Litecoin (LTC) Faces Volatility as Price Tests Key Support and Eyes $140
