Litecoin Bulls Eye Key Resistance Levels: Can It Break $285 Soon?
- Litecoins price is holding key levels, indicating potential bullish momentum and upward movement soon.
- The previous resistance has transformed into support, fueling hopes for a strong price uptrend in Litecoin.
- Litecoin could target key levels of $85, $115, $140, $180, and $285 if bullish momentum continues.
Litecoin (LTC) is in a range-bound mode at the current period as its weekly price displayed resistance to slump below a broken symmetrical triangle. Rose Premium Signals highlighted that the price of LTC is in the process of creating a bullish momentum as it holds certain indicative levels. This is after a period of fluctuating prices, and there is every indication that the prices are likely to rise even higher soon.
The technical outlook for a favourable move higher in LTC mainly rests on the previous resistance level, which has now transformed itself into a support level. This movement approach to the market has traders hopeful that the cryptocurrency is preparing for a price uptrend. The upward structure above the broken symmetrical triangle is considered a bullish pattern, which can be further exacerbated if the bounces continue.
Source: X
Potential Price Targets for Litecoin
Currently, if the price action continues to be bullish, several key levels above the resistance could be retraced, and, perhaps, touch $85, $115, $140, $180, and $285. These price levels, therefore, act as important resistance levels that Litecoin could seek as the bullish trend gains traction. Nevertheless, there is no certainty that the price will reach these levels, but based on its dynamics, a powerful upward movement may occur soon.
However, it should be noted that the market is volatile and the price of the cryptocurrency tends to fluctuate from time to time. However, specific technical signals indicate that LTC is in a bullish trend, and buyers are encouraged to exercise patience and wait for any sign that will denote a shift in the momentum or risk appetite in the market. As of press time, LTC is trading at $73.90, showing a 2.81% increase over the past day.
Source: TradingView
The retrospective recognition of particular levels of resistance is also important. However, the ability to maintain support at this level is critical in transitioning to newer levels that analysts have predicted for Litecoin.
According to current market trends, Litecoin has indicators of becoming stable and may even trend upwards. Such an assumption of price could result in large impulse affecting the bullish trend for it to respect the new support level. Litecoin price is still trading in a consolidation phase as it tries to break the resistance levels in the following weeks.
Read more: https://www.tronweekly.com/litecoin-bulls-eye-key-resistance-levels-can/
Text source: TronWeekly
