Litecoin Targets $117.50 After Big Bounce from Support
Litecoin Targets $117.50 Following Rebound from Critical Support Level
FUNDAMENTAL OVERVIEW:
Litecoin is maintaining stability at a key support level after soaring 69% over the past month, driven by strong momentum across the broader crypto market. With Bitcoin hovering near its all-time high, traders are watching LTC closely for signs of either a breakout or a potential pullback. Currently, Litecoin is consolidating around a vital demand zone that has historically marked turning points for the asset’s major price movements.
Although bullish sentiment continues to build in the crypto space, some analysts remain cautious. They warn that if Bitcoin fails to enter price discovery mode and market momentum weakens, Litecoin could come under renewed selling pressure. Despite this, prominent analyst Carl Runefelt remains bullish, pointing to a potential bullish flag pattern forming on Litecoin’s chart—a classic technical setup that often signals further upward continuation.
Following a sharp rally from its April lows near $66, Litecoin climbed more than 69% before encountering resistance at the key psychological level of $100. The price is now consolidating within a narrowing range, potentially forming a bullish continuation pattern. This setup could gain traction if overall market sentiment stays upbeat.
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LITECOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
LTC/USD is trading within an up channel.
LTC/USD is moving above all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Buying Zone, while the Stochastic oscillator suggests a Positive trend.
Immediate Resistance level: 100.50
Immediate support level: 93.50
HOW TO TRADE LTC/USD
Litecoin initially traded higher but faced rejection, leading to a period of consolidation within a defined range. Eventually, the price broke to the downside, triggering a sharp decline. However, the downtrend was short-lived as Litecoin found strong support and quickly reversed to the upside. Recently, it broke through a key resistance level, successfully retested it, and is now holding above that zone, indicating strength and signalling a potential move higher.