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.
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