Breakout and Retest Done: Can Litecoin Price Hit $100 Mark Soon?

• A golden crossover has been seen in the key moving average, demonstrating a bullish forecast.
• The LTC price has triggered a pullback after the breakout.

Litecoin (LTC) price has received slow and steady buying pressure since August. It has kept rising by taking support on a trendline on a daily time frame.

The Litecoin price has triggered a breakout from a 5-month resistance level and a pullback. This pullback could initiate strong buying pressure.

Litecoin crypto is frequently called the “silver to Bitcoin‘s gold.” The token recently surprised the market by announcing it is a “meme coin.”

The announcement caught the attention of the cryptocurrency community. This happened immediately after that funny post by the creator.

Litecoin Price Overview

The Litecoin price was trading at $82.50 at press time, which has remained neutral over the past 24 hours. Its market value was $6.21 Billion, and the 24-hour trading volume was $1.28 Billion.

After this announcement, the LTC price reacted positively and surged by 15% in a few hours. The price has traveled from $82.25 to $84.35 in a day, which shows new buying pressure.

PEPE and WIF recently exhibited significant growth and are listed on Coinbase and Robinhood. The meme coin status is seen in the context of the overall growth of meme tokens.

Retail and institutional investors’ interest in the coin is demonstrated by the 33% increase in trading volume for LTC.

Could LTC Price Soar, or is it a Fakeout?

The Litecoin price has displayed a beautiful breakout from the significant resistance level of $75 and triggered a pullback. The market sentiment was bullish, which could work as a catalyst for a bullish rally.

It could be a buying signal if the digital asset price defends the $75 mark. If the crypto market remains bullish, it could positively impact the Litecoin crypto price.

If the price defends the previous candle’s low, it may remain bullish for longer. Conversely, if the trading volume increases, the price may extend to $100 in the next few weeks.

Alternatively, if the price slips below the crucial level of $75, it could turn into a fakeout. Here, fakeouts could trap buyers, leading to strong selling pressure. Once the price loses 200 days, massive sales can be seen.

Turning to the technical indicators, the LTC price has smashed the key moving averages, which could be buyers’ strength. The MACD and the Signal line are in positive territory, and the histograms remain green. Overall, the technical indicators are in favor of a bullish forecast.

Litecoin Price Prediction

The Litecoin price is currently positioned for potential growth. This growth would follow a significant breakout from a long-standing resistance level.

The recent turn to a “meme coin” identity has sparked renewed interest in the cryptocurrency. This was reflected in a notable increase in trading volume.

Key technical indicators were aligned with a bullish outlook. They suggested that if Litecoin can maintain its footing above the $75 level, it may pave the way for a rally toward the $100 mark.

However, caution is warranted; a drop below this crucial support level could signal a potential fakeout. It could trigger selling pressures that would negatively impact its price trajectory.

Thus, monitoring market sentiment and trading volume will be essential in assessing Litecoin’s near-term performance.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.