Market Analyst Says Litecoin (LTC) Price Run to Break Prior High Has Begun—Here’s the Outlook
A recent analysis of LTC’s price indicates a strong upward momentum, suggesting a potential retest of its previous all-time high. Moreover, Top analyst Cephii shared on X that Litecoin’s run to surpass its prior high is underway. The price movements, chart patterns, and key levels on the LTC/USDT trading pair further support this bullish outlook.
What you'll learn 👉
Litecoin’s Price Trends and Historical Performance
The LTC chart reveals an ongoing upward trend, marked by a recent surge in bullish activity. The strong green weekly candle indicates heightened buying pressure, hinting at a continuation of the rally. Historically, Litecoin’s price experienced a prolonged downtrend between 2018 and 2020, followed by a compelling rally in 2021, where prices peaked at $413.49.
Subsequent corrections brought the price down, testing support levels in 2022 and early 2023. Analysts note that this latest upward trajectory signals a potential reversal, moving toward Litecoin’s previous highs.
The chart incorporates Fibonacci retracement and extension levels to identify crucial price zones. Key retracement levels include $98.08, $126.91, and $169.92, with $251.28 representing the 1.0 Fib level, often considered a critical resistance zone. If the price successfully breaks above $180, analysts expect a move toward $250 and potentially higher extension levels such as $413.49, $778.93, or $1,084.14.
These levels are widely regarded as potential targets if bullish momentum persists. The $98 support level, which has been retested several times, underscores its importance as a safety zone for buyers.
Support and Resistance Analysis
Support and resistance levels play a key role in Litecoin’s price action. The $40-$50 range acted as strong support during previous corrections, while the $98 zone continues to hold firm in the current rally. Resistance at $169-$180 represents a significant hurdle. If breached, this range could open the door to higher price levels.
Volume analysis further supports the bullish case. A notable increase in trading volume reflects growing interest from market participants, reinforcing the current rally’s strength.
Read Also: Avalanche (AVAX) Poised for Higher Highs If Price Reclaims This Key Level
Alignment With Cephii’s Tweet
The optimism expressed by Cephii aligns with these technical observations. The tweet, stating that Litecoin’s “run to break prior high has begun,” resonates with the bullish momentum seen in the chart analysis. From the way Litecoin’s price is moving, it looks set to climb back up to its old highs, maybe even higher.
What happens next depends on if Litecoin can keep this momentum going and break through key resistance levels. If it does, we could see new record prices.
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