Bullish Rally Eyes $218 Post $128 Breakout | Airdrop Alert Pro

The bullish trend in LTC price is strengthening as Litecoin reaches price levels last seen in April 2022. Litecoin is on the verge of breaking through key resistance at $128 amid a parabolic rebound.

Bullish start to the week, will Litecoin price break the $200 mark in this recovery? Let’s take a look.

Litecoin Price Analysis

LTC price action is currently at $121.77, with an intraday increase of 1.83%. This marked a bullish start to a fifth consecutive weekly gain. On the weekly chart, the round bottom reversal in LTC price trend has exceeded the key resistance level at $111.

trading view

The supply range expanded from $110 to $112, and last week’s close was $119.61, forming a huge bullish engulfing candle. As the recovery continues, LTC price is currently challenging the 23.60% Fibonacci level at $128.16.

However, higher price rejection resulted in long weekly candles causing market prices to fall. With a 24-hour high of $129.85, LTC price has now reached levels last seen in April 2022.

Furthermore, the sideways trend in LTC price action over the past two years has now come to a bullish conclusion. With the market expected to break above the 23.60% Fibonacci level, the upside price target is expected to be $218.

Will Litecoin hit $200?

Supporting the bullish trend, the MACD and signal lines continue to rebound aggressively, with bullish engulfing candles gaining strength. Furthermore, the 50-week and 200-week EMA lines are very close to the golden cross. This will improve underlying sentiment and increase the chances of a bullish rally.

Higher price rejection warns of a retest of the $112 breakout area, but a broader market recovery will extend the bullish rally. LTC price may see a small supply surge to $160 and $187 before the $218 price target.

With Bitcoin targeting $100,000, are you curious how high Litecoin will go in 2024? View Coinpedia’s Litecoin (LTC) Price Prediction Look for price targets above $100.

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