Litecoin holders will be happy with how this week started, considering that the LTC price surged over 20% today and is now trading around $122.
A popular analyst has weighed in on the situation surrounding Litecoin. One of them is “CryptoBullet,” who has over 140,000 followers on X (formerly Twitter).
Litecoin Price Analysis
The current Litecoin chart reveals an intriguing technical landscape. With the resistance level at $110 now broken, the market sentiment has shifted notably. After experiencing a significant downtrend from its peak in early 2021, the cryptocurrency has stabilized in a range, suggesting a period of market consolidation.
Technical analysts have identified a compelling target zone between $233 and $280. This range is particularly significant as it aligns with the 1.618 Fibonacci extension level – a key metric that suggests potential price targets during breakout scenarios. The projection is based on measured moves from the previous consolidation period, lending credibility to this potential Litecoin price trajectory.
The recent weekly price candles demonstrate growing buyer interest, with strong candle bodies and wicks reflecting increased market participation. The breakout above the previously critical $110 resistance level is seen as a particularly bullish signal, indicating potential for further upward movement.
Support levels remain around $87-$97, which previously served as a base during the accumulation period. The current breakout suggests that the LTC price might be positioning for a more substantial price movement. CryptoBullet notes “it’s time to pay attention to Litecoin”.
Read also: Is $10 Realistic Target for Cardano This Bull Run? ADA Price Prediction
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