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Litecoin jumps to $116 after strong support at $100. Will the recovery rally in $LTC price continue to hit $150?
With top cryptocurrencies like Bitcoin and Ethereum standing on the verge of a potential recovery, Litecoin is taking a decisive bullish step. As Litecoin holders reveal strong support near the $100 psychological mark, the uptrend in $LTC price has registered a massive spike in momentum.
With an intraday rise of 8.34%, Litecoin is forming a U-shaped reversal. Will this reversal rally in Litecoin reach the $150 psychological mark? Let’s find out.
Litecoin Analysis Supports Bullish Reversal at Play
In the daily chart, the $LTC price trend creates four consecutive bullish candles. The bullish streak comes after strong support formed near the $100 psychological mark.
This marks a quick reversal rally in Litecoin, driving the market price to $116.40. The recovery rally in Litecoin has regained nearly half of the lost value during the recent market dip. During the market crash, $LTC price dropped from $130 to the $100 psychological mark.
Now, the MACD indicator is on the verge of giving a positive crossover. Furthermore, the bounce-off in Litecoin from the lower Bollinger band has crossed the 20-day SMA line, hinting at a potential rise to the upper Bollinger band at $129.
Analyst Insights: $LTC Breaks Out of Ascending Triangle
Adding to the bullish support for Litecoin, crypto analyst Carl Moon has pointed out that $LTC has broken out of an ascending triangle pattern. The projected target for this breakout rally is expected to reach $128.
Now at $116, Litecoin’s bull run will likely hit the projected price target.
On-Chain Data Hints Upside Potential To $177
According to IntoTheBlock data, Litecoin’s uptrend has reached the “at-money” zone between $109.69 and $126. As the uptrend targets the $130 mark, the next immediate supply zone extends from $126 to $177.
This supply zone holds 5.7 million $LTC, indicating significant resistance. However, the “at-money” zone and the immediate support zone from $97 to $126 account for 18.47 million $LTC.
With a large amount of Litecoin approaching profitability, the uptrend will likely gain momentum. Based on the options indicator, Litecoin’s immediate price target remains $126, followed by an optimistic target of $177.
On the downside, crucial support is located at $109, with additional support near $97, close to the $100 threshold.