Litecoin Breakout Confirmed: Price Surges from $75 and Set Eyes on Key Resistance at $130
- Litecoin has officially broken out of a long-standing downtrend, signaling a shift in market momentum and renewed bullish sentiment.
- The breakout above key resistance, now turned support, suggests potential for continued upward movement toward higher price targets.
- Rising interest in altcoins, fueled by Bitcoins rally, is creating favorable conditions for Litecoins growth.
Litecoin is on the way to its positive trajectory after a long time of market volatility; it is experiencing a surge in its price. The recent increment in the BTC price has surged the altcoin prices, including Litecoin. As of now, the market has turned from bearish to bullish due to the recent surge. Litecoin is one of the coins that are benefitting from the market.
At the time of writing, the Litecoin price today is $77.73 with a 24-hour trading volume of $425.09M and a market cap of $5.88B. The LTC price decreased by -0.70% in the last 24 hours. However, over the last week, its price is significantly up by 21.94%.
Source: Coinmarketcap
Litecoin Rally Begins: Can It Hit $130 Soon?
According to the analyst, Simon Hayes, Litecoin (LTC) officially broke above its multi-month resistance line, marking a possible change in market structure and fresh bullish momentum. This technical break happens after months of consolidation, with the price now trading over the key $75 hurdle, an area that was resistance before being tested as support.
Litecoin holding here paves the way for an extended move up to $100, with a possible stretch to $130 in the near term. Traders are anxiously waiting for confirmation signs, such as sustained volume and overall market strength, especially from Bitcoin and Ethereum. Successful support in this area could mark the beginning of an extended LTC uptrend as investor sentiment begins to change.
Source: X
Yet, in case there is another bout of volatility in the market, major support levels are at $75 and further at $64, which are potential areas of accumulation. While capital rotation between major altcoins, Litecoins clear technical setup and past strength make it a candidate that could be poised for upside in another wave of the market cycle.
Related Reading: Avalanche (AVAX) Surges Amid ETF Filing: Is a $30 Target Next?
Text source: TronWeekly
