As Bitcoin momentarily reached a new all-time high above the $93,000 mark, the Litecoin rally is beginning to shape up. Crossing over the $80 mark, a Morningstar patent teases a bull run ahead for Litecoin.
Furthermore, its attempt to siphon momentum from the meme coin rally and the potential support from the Dogecoin team could result in a price surge above the $100 psychological mark. So, let’s take a closer look at the Litecoin price analysis to find key technical levels and future price targets.
Litecoin Price Analysis
With an intraday gain of 7.37%, Litecoin is preparing a morning star pattern to start a new bullish reversal. Currently, it is trading at $81.10 as it forms a bullish engulfing candle.
The 24-hour high of $85 challenges the 61.80% Fibonacci level. Currently, it is ascending above the 50% Fibonacci level at $78.17, increasing the upside chances.
With a morning star pattern, Litecoin retests the 38.20% Fibonacci level at $72.25 and the 200-day SMA line. The increasing buying pressure has led to a quick recovery in the LTC price, accounting for 25% over the last week.
Amid the growing bullish influence, the 50-day and 200-day SMA lines are preparing for a golden crossover. Meanwhile, the MACD and Signal line sustain a bullish trend as the positive histograms resurface.
The LTC price action showcases Litecoin struggling to give a bullish breakout over the rising channel pattern. However, if the bullish engulfing candle manages to give a closing at the current market price, a bullish breakout is imminent.
Litecoin’s Attempt To Siphon Meme Coin Rally Momentum
As the meme coins drive the crypto market rally, Litecoin recently shared a humorous tweet. Due to current market conditions, I now identify as a meme coin. Retweeting this, the Dogecoin team has asked the community to help make a few LTC memes to kick off the LTC price rally.
As the meme coin rally continues to gain momentum, LTC price is attempting to siphon off some additional momentum for recovery.
Will Litecoin Price Cross $100?
Based on the Fibonacci levels, a breakout above the 61.80% Fibonacci level will likely result in a reclamation of the $100 psychological mark. Furthermore, this could lead to a new 52-week high above the $112.98.
For an extended rally, the Fibonacci levels paint the price target at $164.86 or the $1.618 level. Hence, with an upside of 100%, LTC price trend shows massive upside potential. On the flip side, the crucial support for Litecoin is present at $78 and $72.
As Bitcoin targets $100k, are you curious how high Litecoin will go in 2024? Check out Coinpedia’s Litecoin (LTC) price prediction to find price targets above $100.
FAQs
The key resistance levels for Litecoin are at the $85 mark, followed by the $100 psychological level, and a potential 52-week high of $112.98.
What technical indicators are signaling a bullish trend for Litecoin?
The Morning Star pattern, bullish engulfing candles, and the upcoming golden crossover between the 50-day and 200-day SMA are all indicating a bullish trend.
What are the support levels if Litecoin faces a correction?
The crucial support levels for Litecoin are present at $78 and $72, aligning with Fibonacci retracement levels.