Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. A crypto analyst has forecasted that the Litecoin priceis gearing up for an explosive rally to $110. Unlike Bitcoin and Ethereum, which have seen considerable declinesover the past few months, Litecoin appears to be stabilizing, gaining about 7.8% this past week, according to CoinMarketCap. Although LTC has seen its fair share of declines this year, analysts still hold hope that the cryptocurrency could cross the $100 threshold and reclaim former highs. Litecoin Price Targets A $110 Breakout
Litecoin may be preparing for a strong upward move, according to a new analysis from TradingView market expert MadWhale. The analyst has indicatedthat the cryptocurrency has the technical structure needed to break out of its long-term descending channeland potentially climb toward $110. With its current price sitting around $83, a surge to this level would represent a significant 33% rally. Related Reading Litecoin 2M Bollinger Band Width Hits New Lows, CMT-Certified Analyst Reveals What It Means 1 month ago
MadWhale has based his bullish LTC forecast on weekly candlesticks and how the cryptocurrency has consistently responded to past support and resistance levels. He explained that the altcoin had been trapped in a descending channel that has controlled its price for several weeks now. According to the TradingView analyst, Litecoin is now approaching the upper resistance region of the descending channel–a point where traders usually watch for either a clean breakout or a sharp rejection. Source: Chart from MadWhale on Tradingview
From the analyst’s price chart, Litecoin’s support zoneshave repeatedly held firm, showing that buyers consistently defended the area. Due to this steady support, he expects Litecoin’s bounce near the descending channel’s upper resistance to build momentum. If the support holds, MadWhale suggests the cryptocurrency could skyrocket to $110, completing its breakout from the descending channel.
A breakout could signal a significant shift, potentially transforming Litecoin’s recent downtrend into a new bullish phase. MadWhale’s chart also highlights the cryptocurrency’s volatility, showing that in early October, LTC had rallied around 33.84%, climbing above $120. However, just days later, it crashed more than 17%, coinciding with the October 10 liquidation eventthat shook the market. Update On LTC’s Price Action
Litecoin is approximately 79% below its all-time high of over $410, recorded during the 2021 bull run. The cryptocurrency has dropped 17.68% over the past week and is down 33% for the year, mirroring the broader decline seen across altcoins. Despite its performance, LTC’s Fear and Greed Index remainsin the neutral zone, suggesting that crypto investors are cautiously optimistic. Related Reading Analyst Reveals How Litecoin Can Turn $3,700 Into $1 Million For Investors 1 month ago
According to market analyst CW on X, the next sell wall for Litecoin is at $98, about 15% above its current price. Once the cryptocurrency reaches this level, CW expectsa significant number of sellers to offload their coins. His chart also highlights the next key resistance levels for LTC, suggesting a potential surge to $98 first and then to the $106-$110 range. LTC trading at $83 on the 1D chart | Source: LTCUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com