Crypto analyst ZAYK Charts has updated their Litecoin (LTC) price prediction, suggesting a potential target of $100. This forecast comes as Litecoin forms a descending channel pattern on its daily chart.
The analyst’s prediction hinges on a breakout from this bearish formation, which could signal a price surge for the LTC.
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Litecoin Price Analysis
ZAYK Charts shared their analysis on X, highlighting a clear descending channel pattern for Litecoin on the daily timeframe. This technical formation is characterized by lower highs and lower lows, confined between two parallel downward-sloping lines.
While typically bearish, a breakout above the upper trendline could indicate a bullish reversal. The analyst’s chart shows Litecoin’s price action respecting the channel boundaries.
Recently, LTC has demonstrated bullish momentum from the lower boundary, marked by a notable green candle. This price action suggests strong buying interest at lower levels, potentially setting the stage for a breakout scenario.
$100 Target in Sight if Breakout Occurs
According to ZAYK Charts, if Litecoin successfully breaks out of the descending channel, the next target could be $100. This prediction aligns with common technical analysis principles, where a breakout from a bearish pattern often leads to a significant price increase.
The $100 level may represent a key psychological resistance or align with Fibonacci extension levels commonly observed by traders.
The upper boundary of the descending channel currently serves as immediate resistance for Litecoin. A successful break and close above this level could validate ZAYK Charts’ bullish prediction.
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Watching for Breakout Confirmation and Market Action
Per data from CoinGecko, Litecoin trades at $65.37, with a daily trading volume of $449,630,944. The crypto has shown positive momentum, recording a 1.35% increase in the past dayand an 8.07% gain over the last week.
While ZAYK Charts’ analysis presents an optimistic outlook for Litecoin, investors should wait for confirmation of the breakout before acting. The crypto market remains highly volatile, and various factors can influence price movements.
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