Litecoin (LTC) appears poised for a significant breakout as technical analysis suggests a monthly close above key resistance could catalyze a major rally to levels not seen since 2021. This potential move comes amid Bitcoin’s recent surge to $111,000, which has helped lift the broader crypto market.
Technical Analysis Points to Bullish Setup
LTC has demonstrated remarkable strength with a 63% surge from April’s lows, reclaiming crucial support levels at $80 and $90. The cryptocurrency recently touched a two-month high of $107, forming a bullish flag pattern that suggests further upside potential.
Analyst Carl Runefelt from The Moon Show identifies a clear technical setup targeting $117.50, representing a 20% move from current levels. The formation of a bullish flag pattern, combined with strong support at $92, provides a solid foundation for the anticipated breakout.
SPONSORED
Trade Litecoin with up to 100x leverage and maximize your potential returns
Key Resistance Level Could Trigger Major Rally
Rekt Capital’s analysis highlights the critical $110-$125 horizontal resistance zone as the key to unlocking significant upside potential. Historical data shows this level has acted as a major pivot point, with rejections becoming progressively weaker since 2019.
Monthly Close Critical for $150 Target
A successful monthly close above the key horizontal level, followed by a retest and confirmation, could provide the momentum needed for a 30% rally toward $150. This move would represent LTC’s highest price level since the 2021 bull market.
FAQ Section
Q: What is the current price of Litecoin?
A: Litecoin currently trades at $98.60, showing a 2.7% decline over the past week.
Q: What is the key resistance level to watch?
A: The critical resistance zone lies between $110-$125, with a monthly close above this range potentially triggering a rally to $150.
Q: What technical pattern supports the bullish outlook?
A: A bullish flag pattern has formed after the recent two-month high, suggesting a potential 20% move to $117.50.
