Litecoin Approaches Daily Range Peak – Can LTC Break Multi-Year Highs?
Litecoin has experienced a strong bullish surge in recent days, climbing more than 30% since last Friday. During a time of market uncertainty, this impressive rally positioned Litecoin as one of the best altcoins. Analysts and investors are now speculating on the possibility of a massive breakthrough in the coming weeks, as Litecoin continues to show relative strength compared to other cryptocurrencies.
Related Readings
Top analyst Bigcheds shared a detailed technical analysis showing Litecoin is approaching a daily range peak and is ready to test a multi-year high of $145. This critical resistance level has been a key area of Litecoin in previous cycles and beyond it may mark the beginning of a clear upward trend.
Litecoin’s recent momentum has attracted the attention of retail and institutional investors who are closely watching signs of confirming a breakthrough. and The wider market is still consolidatingLitecoin’s performance abilities are likely to lay the foundation for bullish continuation and potentially raise prices to new heights.
As the next move in the cryptocurrency market, Litecoin’s price action remains a focus for traders. Beyond the $145 level will consolidate its bullish narrative and pave the way for further earnings.
Litecoin is ready to break through
Litecoin has shown impressive relative strength, soaring more than 30% over the past week, while the broader market continues to face hesitation. This significant performance has caught the attention of analysts and investors, some of whom expect Litecoin to lead a bullish rally that could break years of climax and push it to higher supply levels. However, since current price action may lead to false breakthroughs, we remain cautious.
Top analyst Bigcheds shared Technical analysis on Xreveals that Litecoin is approaching its daily range peak. According to him, the key level of viewing is about $145, a key resistance zone that has been an obstacle in the past. Bigcheds said despite the promising price momentum, he remained skeptical until Litecoin could decisively clear the level and use it as support.
The next few days will be crucial for Litecoin as Altcoins across the market are looking for support and Bitcoin flirts to earn $100,000. If Litecoin can maintain its momentum and exceed the $145 level, it can cement its position as one of the leading Altcoins in the current market cycle. Instead, failure to clear this key level may result in a response and test for lower support areas.
Related Readings
Litecoin has the ability to outperform recent earnings and break past resistance when the market is closely watching, which may determine its direction in the coming weeks. Whether this move is the beginning of a bullish rally or another forged start remains to be seen, but its price action undoubtedly laid the foundation for major market transfers.
LTC tests key supply levels
Litecoin (LTC) experienced a strong bullish surge, climbing more than 23% in less than two days to a price of $127. The recent price action is impressive as LTC returns to range highs and successfully launches the crucial $120. This move changed sentiment in the market, as prices approached the enormous pressure on the next key resistance area, at $140 and $145.
The $140 and $145 levels represent crucial supply areas and have historically been a barrier to further upward movement. Breakthroughs beyond these levels will not only indicate a continuation of the bullish trend, but also test the stage of Litecoin’s multi-year high of $147. Analysts believe that recycling and holding above this level will trigger large-scale gatherings, potentially pushing LTC into unknown areas.
Related Readings
However, the next few days will be crucial to the price trajectory of Litecoin. The Bulls need to maintain momentum and defend their current levels to maintain this rise. If LTC successfully discounts $147, it may attract more buyers, resulting in further growth. Instead, failure to clear these resistance levels may lead to consolidation or a smaller retracement before another attempt to break through. Now, everyone’s eyes are on Litecoin’s approaching decisive stage.
Featured images from DALL-E, charts from TradingView
