Litecoin eyes $ 117.50, when the price bounces from key support – analyst

Exclusive: 3 Stunning Reasons Litecoin Could Skyrocket After Bitcoin’s Record High

Litecoin’s Breakout Potential: What You Need to Know as Bitcoin Nears All-Time Highs

Litecoin (LTC) is at a critical juncture, trading near a key support level after a jaw-dropping 69% surge last month. As Bitcoin flirts with its all-time high, all eyes are on LTC for signs of a potential breakout. The current price action shows consolidation near a historically significant demand zone, which has often preceded major moves for Litecoin.

“Litecoin is forming a bull flag pattern, a structure that typically signals a strong upward move,” says leading analyst Karl Runefelt.

While bullish sentiment is building in the crypto market, not everyone is convinced. Some analysts warn that if Bitcoin fails to break through its resistance, Litecoin could face renewed selling pressure. However, Runefelt remains optimistic, pointing to a technical setup that suggests LTC could soon surge to $117.50.

Litecoin’s Technical Setup: Key Levels to Watch

Currently, Litecoin is trading at $95.35, finding support just above its 200-day exponential moving average (EMA) at $93.82. The 200-day simple moving average (SMA) at $100.76 is acting as a resistance level, creating a technical pivot zone that could determine LTC’s next move.

After rallying from $66 in April, Litecoin hit a psychological resistance at $100 before entering a consolidation phase. The reduced trading volume during the recent pullback suggests a lack of heavy selling pressure, supporting the bullish thesis that this is a healthy pause before the next leg up.

  • Support Levels: $93.82 (200-day EMA), $90.00 (psychological support)
  • Resistance Levels: $100.76 (200-day SMA), $117.50 (analyst target)

If Litecoin breaks above $100.76, it could pave the way for a move toward $117.50, as predicted by Runefelt. However, a failure to hold support could lead to a deeper correction, especially if Bitcoin falters near its all-time high.

Why Bitcoin’s Performance Matters for Litecoin

Bitcoin’s price action is crucial for Litecoin’s trajectory. As BTC hovers just below its record high, many believe a breakout could act as a catalyst for altcoins like LTC. However, some analysts caution that the market might cool off first, leading to a broader correction.

“A Bitcoin breakout above $69,000 could ignite a rally across the crypto market, with Litecoin being a prime beneficiary,” says a market strategist. But if Bitcoin fails to break through, Litecoin could face renewed selling pressure.

What’s Next for Litecoin?

Litecoin is at a technical crossroads, with both potential and risk on the table. The coming days will be critical in determining whether LTC continues its rally or retreats. Investors are cautiously optimistic, but the market’s direction will largely depend on Bitcoin’s performance and broader macroeconomic factors.

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FAQ

1. What is Litecoin’s current price?
Litecoin is currently trading at $95.35.

2. What is the bull flag pattern?
A bull flag is a technical chart pattern that signals a potential continuation of an upward trend after a brief consolidation.

3. What are Litecoin’s key support and resistance levels?
Key support is at $93.82 (200-day EMA), and resistance is at $100.76 (200-day SMA).

4. How does Bitcoin’s performance affect Litecoin?
Bitcoin’s price action often influences the broader crypto market, including Litecoin. A Bitcoin breakout could boost LTC, while a failure to break resistance could lead to a correction.

5. What is Karl Runefelt’s price target for Litecoin?
Runefelt’s target for Litecoin is $117.50.

6. Is Litecoin a good investment right now?
Litecoin shows potential for a breakout, but its performance depends on Bitcoin and broader market conditions. Always do your own research before investing.

7. Where can I get real-time updates on Litecoin?
Join our Telegram channel for the latest news and analysis.

8. What is the 200-day EMA?
The 200-day exponential moving average is a technical indicator used to assess long-term trends in an asset’s price.

9. How much has Litecoin gained recently?
Litecoin has surged 69% since April, rising from $66 to over $100.

10. What should I watch for in Litecoin’s price action?
Monitor key support and resistance levels, Bitcoin’s performance, and trading volume to gauge Litecoin’s next move.

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