Litecoin Surges 13%, Targets $100 as Rising Channel Rally Grows

The post Litecoin Surges 13%, Targets $100 as Rising Channel Rally Grows appeared first on Coinpedia Fintech News

With the Bitcoin price crossing above the $68,000 mark, the close cousins of Bitcoin are making a bullish comeback. The Litecoin price has surpassed a critical $73 mark in the recent crypto rally.  With the bullish trend gaining momentum, let’s see the chances of the LTC price hitting the $100 psychological mark. 

Litecoin Price Analysis

In the daily chart, the Litecoin price action reveals a falling-channel breakout rally gaining momentum. The channel breakout rally creates a V-shaped reversal, leading to a rising-channel pattern. 

Tradingview

With a bullish cycle within the rising-channel pattern, Litecoin has increased by 13.43% over the last five days. The LTC price currently trades at $72.27, challenging the overhead resistance trendline. 

However, the intraday candle shows a higher price rejection from the 38.20% Fibonacci level at the psychological mark of $76.29. The chances of a minor pullback are possible with an intraday pullback and a higher price rejection. 

Technical Indicators:

EMA: The 200-day EMA acts as dynamic support to provide a bounce pad for the pullback phase in Litecoin. Currently, it stands at $70.66. Meanwhile, the growing bullish influence results in an uptick in the 50-day EMA, increasing the possibility of a golden crossover. 

MACD: The MACD and signal lines maintain a positive alignment with a surge in bullish histograms reflecting a boom in trend momentum. 

Will Litecoin Hit $100?

With the growing bullish trend in a rising-channel pattern, Litecoin challenges the resistance trendline and the 38.20% Fibonacci level. Thus, a potential breakout will lead to a massive surge. 

Based on the short-term price action, the 78.60% Fibonacci level at the $97.77 mark is a potential target if it crosses the $82 mark. On the flip side, the crucial supports are at $68.53 and $60.

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.