[ccpw id="39382"]

HomeCrypto NewsAnalysisLitecoin Targets $100 in a Rising Channel as Bitcoin Surpasses $67K

Litecoin Targets $100 in a Rising Channel as Bitcoin Surpasses $67K

Date:

Written By:

Follow Us On

Will the surge in bullish momentum help Litecoin reclaim the $100 psychological mark? 

With Bitcoin crossing the $67,000 mark, its close cousin Litecoin is making a bullish comeback. Amid this recovery, Bitcoin Cash has surpassed the $350 mark, while Litecoin targets $100.

Can Litecoin reach the $100 mark by the end of this month as the altcoin market heats up?

- Advertisement -

Litecoin Price Analysis

Litecoin has a market cap of $5.31 billion and is currently trading at a market price of $70.72. With a 5.56% surge in the last 24 hours, the LTC price has increased by 7.64% in the past seven days. 

In the daily chart, the LTC price action reveals a trend reversal rally surpassing the falling channel pattern. Fueled by underlying demand and broader market recovery, it is forming a rising channel pattern despite increased volatility.

Fueled by the underlying demand and broader market recovery, firms have a rising channel pattern despite the increased volatility. 

Litecoin Price Chart
Litecoin Price Chart

The current recovery run is challenging the overhead resistance trend line and the 38.20% Fibonacci level at $72.26. The bullish cycle, which has seen a price jump of 9.38% over the last two days, faces resistance at the 38.20% Fibonacci level and the overhead resistance trend line.

- Advertisement -

Will Litecoin Top $100?

As the dynamic resistance of the 200-day EMA keeps bullish growth in check, Litecoin struggles to maintain levels above $70. However, with improving market sentiment, the rising 50-day EMA hints at a potential golden crossover.

Additionally, the MACD and signal line have generated a bullish crossover, accompanied by a surge in positive histograms. According to Fibonacci levels, a breakout above the 38.20% level is likely to challenge the 61.80% level at $84.58.

In a bullish scenario, if Bitcoin reaches a new all-time high this month, Litecoin could surpass the $100 psychological mark, with $109.13 as a potential price target by the end of the month.

Notably, a major factor supporting further uptrend for Litcoin is the recent application for LTC ETF filed by asset manager Canary Capitals.

Meanwhile, in the case of a bearish scenario, Litecoin investors may look at price levels of $65 and $60 for support.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

More from Author

Latest Stories

Guides