Litecoin (LTC) is also drawing market interest as it approaches a potential breakout. The token hit close to $120, exhibits signs of gathering momentum. Pundits believe that Litecoin’s current falling wedge formation on the BTC ledger can bring on a significant bull run in the near future.
At the time of writing, LTC is at $119.20, having registered a 1.08% increase within the last 24 hours. The market capitalization of the coin is $9.10 billion with a 24-hour trading volume of $2.88 billion, and it has a 0.22% market dominance.
Litecoin’s current technical analysis points towards a breakout that is due, as per a post by market analyst CRYPTOWZRD. Analyst observed that there is a possibility of a breakout from this wedge within the next week, which can trigger a move towards the $140 resistance mark. The analyst pinned $112 as the critical daily support point and highlighted short-term chances on shorter time frames for scalp trade.
On the daily chart, Litecoin is nonetheless respected at $123 resistance area test. A breakout above this point on a sustained basis could turn momentum sharply bullish, with targets around $134. However, a fall below $115.50 would revert the asset again into bearish territory and put on hold further bull advances.
Considering LTC trading at about $124 in the current chart provided, the configuration reveals escalating expectation for a breakout upswing. Investors continue to look for validation as Litecoin seeks its rallying bullish momentum.
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According to recent chart analysis shared on TradingView, LTC surged to $119.95, gaining 4.18% on the day, and is primed for further growth. The breakout over the downtrend line indicates a change of momentum, which is reinforced by improving trading volumes and improving technical indicators.
Analysts believe that LTC may be about to catch up with Bitcoin’s rally, with upside targets at $160, $180, and as high as $250 if there’s momentum support.
Major support is around $115, and resistance at $122 and $140 will be key points of consideration prior to pushing towards further targets. Considering the development eye from the market and the role of Bitcoin, Litecoin seems all set for a possible long rally over the next few weeks.
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