Litecoin (LTC) Price Jumps 7.40%, Targets $100 Break to Hit $123
With Bitcoin tentatively approaching the $100,000 milestone, Litecoin’s rally is on the verge of challenging the $100 mark. After breaking through the $90 mark, the bull run in LTC price trend will reverse after a retest.
Are you curious about the upcoming Litecoin price targets, or should you buy LTC before it breaks $100? Let’s take a closer look at Litecoin price analysis to find the key insights and levels to watch.
Litecoin Price Analysis
On the daily chart, LTC price trend shows that the reversal momentum after the retest is gaining momentum. Litecoin’s broader price action shows a bullish breakout of an ascending channel pattern, retesting the broken resistance trendline.
Along with the resistance trendline, the decline also retested the 50% Fibonacci level at $82.57. However, a 7.40% surge overnight formed a bullish engulfing candle, highlighting a quick reversal.
Currently, Litecoin is trading at $90.70, with an intraday increase of 1.18%. This extended the overnight rally and broke above the 61.80% Fibonacci level at $88.84.
As the rebound from the retest gains momentum, bullish expectations for the price to breach the psychological $100 mark are also growing.
The growing bullish demand resulted in a golden cross and is currently leading to a bullish crossover within the 100-day and 200-day AMA lines. The MACD and Signal indicators support the bullish trend, avoiding a bearish crossover and reinforcing the bullish momentum. Therefore, technical indicators remain positive for Litecoin.
Will Litecoin Price Break Above $100?
Using the Fibonacci retest tool for the Q2 to Q3 retracement phase, LTC price will challenge the 78.60% Fibonacci level at $97.77. A break above this level is critical for the continuation of the bull market.
The price targets for the breakout rally are $109 and $123. Therefore, the ongoing recovery rally shows great potential for a new 52-week high. The ongoing recovery also signals a full reversal of trend, with the neckline at the $109 mark. Therefore, a breakout of this level will allow Litecoin to explode in 2025. Currently, Litecoin’s key support levels are $82 and $76.
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.
FAQ
- What is Litecoin’s current price and recent performance?
Litecoin is currently trading at $90.70, up 7.40% overnight, marking a reversal after breaking out of an ascending channel pattern and retesting it. - What’s the next price target for Litecoin?
The near-term target is the 78.60% Fibonacci level at $97.77, followed by $109 and $123, with the potential for a 52-week high and an explosive rally in 2025. - What is supporting Litecoin’s bullish trend?
A golden EMA crossover, a bullish MACD alignment, and continued momentum above the 61.80% Fibonacci level are fueling Litecoin’s uptrend.
