Analyst ZAYK Charts has shared an analysis of Litecoin (LTC), highlighting a potential price surge to $100. According to the tweet from ZAYK Charts, Litecoin has successfully broken out of a descending channel pattern, a development that could signal the beginning of a price rally.
The chart shared by ZAYK Charts focuses on the daily timeframe of the LTC/USDT pair, showcasing a descending channel pattern that had been in play since early 2024. This pattern, characterized by two parallel trendlines acting as support and resistance, has guided Litecoin’s price movement over the past months.
Recently, LTC broke through the upper boundary of the channel, signaling the end of the downtrend that had dominated since March.
This breakout occurred around the $67-$68 price level, and LTC is currently trading near $71.81, according to the chart. ZAYK Charts confirmed this breakout in a tweet, stating, “Descending Channel Breakout is Done in 1D Timeframe. Now, send to $100,” indicating their projection for further price gains.
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Bullish Momentum and Price Target of $100
The breakout points to Litecoin’s likely buildup of positive momentum. Technical analysis regards such breakouts as reversal signals, meaning buyers are recovering control and driving prices higher.
ZAYK Charts has set a price target of $100 for LTC, representing a 47.28% gain from the breakout level. The chart visually supports this target by projecting a move of approximately 32 units from the breakout point.
If the bullish momentum continues and market conditions remain favorable, this price target could be achievable in the near term.
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Where is LTC Price Headed
While the breakout has generated optimism among traders, the key question remains whether Litecoin can sustain this upward momentum. The $100 price target, while ambitious, is supported by technical indicators, including the breakout from the descending channel.
Per price data from CoinGecko at publication, Litecoin trades at $70.71. The token has surged by 5.52% over the last day. This surge is also evident over the week with LTC price increasing by 7.69% over the week.
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