Litecoin could be gearing up for a rally after it broke out from a crucial pattern that has been a resistance for a while. World of Charts shared an analysis of Litecoin price action, highlighting a potential major breakout on the horizon. The respected analyst points to a clear bullish setup which could lead to significant gains for LTC holders.
The current price structure reveals a bullish pennant formation, a pattern that typically precedes strong upward movements. According to World of Charts, this pattern becomes particularly significant when combined with the horizontal resistance zone that Litecoin is currently approaching. The crucial resistance area hovers around $130-$135, and a decisive break above this level could unlock substantial upside potential.
While Bitcoin, Ethereum, and most other altcoins have been struggling to maintain momentum, World of Charts emphasizes that Litecoin has been displaying notable strength. This relative strength positions LTC as a potential market leader once broader crypto market conditions improve.
LTC Price Targets and Potential Outcomes
Looking at the upside scenario, a breakthrough above the resistance zone could trigger a powerful rally. World of Charts suggests that once Litecoin clears this crucial area, a move toward $190-$200 becomes highly probable. The analyst goes further, indicating that sustained bullish momentum could even push LTC toward the $250 mark, representing a potential 100% increase from current levels.
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However, prudent traders should also consider the possibility of a rejection at the resistance level. If Litecoin fails to break through, World of Charts suggests it might retreat to test the lower range boundary around $100-$110. This pullback wouldn’t necessarily invalidate the bullish outlook but would rather provide another opportunity to accumulate before the next upward attempt.
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