Litecoin (LTC) is showing signs of life but it all could still be a recurrent consolidation pattern. According to crypto analyst Ali, while the momentum is building, there’s a crucial condition that needs to be met for a sustained upward movement.
Litecoin has been making steady progress, currently trading at $120. As Ali points out, the digital asset is now approaching a critical juncture.
The current price action shows Litecoin consolidating within a specific zone, with the immediate challenge being the resistance level between $135 and $141. “A sustained close above $141 could open the path toward $170–$200,” notes Ali, emphasizing the importance of confirmation before assuming a continued rally.
While the upward momentum is encouraging, several support levels provide safety nets should the price retreat. The mid-range support sits around $114.50, with deeper support zones between $102.50-$108.50. In case of a more significant correction, the $86.50-$96.50 range serves as the last major support level.
Read Also: Onyxcoin (XCN) Price Decline Continues: Is It Right to Buy the Dip?
LTC Trading Strategy and Outlook
Ali’s analysis suggests a cautious but optimistic approach. Rather than rushing into positions, traders should wait for a clear breakout confirmation above $141. This level is crucial, as a successful breach with strong volume could indeed pave the way for the projected targets of $170 and potentially $200.
However, if Litecoin fails to break through the $135-$141 resistance zone, we might see a pullback to test lower support levels. This scenario would present opportunities for traders to accumulate at more favorable prices, particularly around the $114.50 mark.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
