- Litecoin is showing strong bullish momentum, rebounding from a key Fibonacci support level and suggesting a potential trend reversal.
- Technical analysis points to continued upward movement, with resistance levels based on historical breakout zones and Fibonacci extensions.
- The broader crypto market sentiment is improving, and Litecoin is aligning with the altcoin recovery trend following a period of consolidation.
- Analysts note that while pullbacks may occur, the overall structure favors a new bullish phase for Litecoin in the weeks ahead.
Litecoin (LTC) is showing an upward trend, and there’s an increase in appreciation consistent with the overall bull trend, an indication of a coming reversal. With Bitcoin getting stronger, it’s creating universal sentiment and turning the trend from bearish to bullish. Investors and traders are intently looking, feeling an imminent recovery. A confirmed break can hint at a strong and imminent rally.
LTC is currently trading at $99.98, with a 24-hour trading volume of $833.49M and a market capitalization of $7.57B. The LTC price over the last 24 hours is up by 6.62%, and over the last week its price is up by 14.42% and signals a high potential for the next major journey.
Source: CoinMarketCap
Litecoin (LTC) Eyes Major Rally: Can It Reach $66?
According to the crypto analyst, Litecoin ($LTC) is showing remarkable strength in the bi-weekly chart as it rebounds from a critical technical level. Upon testing at the support near the 0.786 Fibonacci retrace point, which is traditionally viewed as a takeoff point in continuation bull trends, LTC broke higher with tremendous speed. The rebound indicates a possible sentiment and structure switch, with investors subsequently paying attention to confirmation of an extended trend reversal.
In the event that the current pattern stands, analysts are eyeing two significant resistance points ahead: $141.54 as an initial stop and then an extended target of $194.22.
Source: X
These are calculated from past price history and Fibonacci extension models, relating to past zones of breakthrough in earlier bull markets. Minor pullbacks are expected along the route, but overall the structure favors further upward direction, indicating that Litecoin may commence with a new bull phase.
This comeback is timed perfectly, as altcoins are already starting to gain steam after a spell of market consolidation. Litecoin, which is commonly referred to as a sleeper in the altcoin community, has traditionally experienced blowout moves in the bull and bear markets. With strong technical support and increasing momentum driving it, LTC is positioning itself again as an asset to monitor over the coming weeks.
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