Litecoin (LTC) is making a forceful comeback as it undergoes a bullish reversal, setting the stage for a potential move towards the $76.85 target. After bouncing off a critical support level, Litecoin has regained upside momentum, signaling renewed optimism among market traders. Key technical indicators are now pointing to further gains, with $76.85 emerging as the next significant resistance level.

In response to this bullish market shift, in this article we will take a closer look at the bullish price reversal in Litecoin and assess the significance of the $76.85 target and its impact on future price volatility.

Litecoin is up 2%, trading around $65.37 in the last 24 hours. Its market capitalization has exceeded $4.8 billion, and trading volume has exceeded $410 million at the time of writing. Litecoin’s market capitalization is up 2%, while its trading volume is up 42.12%.

Litecoin Bullish Reversal Analysis To $76.85

Litecoin price is bullish on the 4-hour chart as it has broken above the 100-day plain moving average (SMA) approaching the $76.85 level. The digital asset has seen a significant price rally since rebounding from the $50 support level, signaling a forceful raise in positive momentum that could fuel further gains.

Additionally, analysis of the 4-hour Relative Strength Index (RSI) shows that the indicator’s signal line has crossed above the 50% level and is currently hovering around the 63% level, which suggests that the bulls are still in control and could trigger an raise in the price.

On the 1-day chart, although Litecoin is still trading below the 100-day SMA, it is showing bullish resilience, steadily heading towards the 100-day SMA and the $76.85 level, with multiple bullish momentum candles. This suggests an energetic bullish momentum for the cryptocurrency.

Finally, on the 1-day chart, the RSI indicator indicates growing positive momentum for the cryptocurrency. The RSI signal line has broken out of the overbought zone and is currently trying to break above 50%.

Conclusion: Is Litecoin Ready to Break Above $76.85?

Recent trading suggests that Litecoin, with its forceful bullish momentum, could reach $76.85. If the cryptocurrency reaches and exceeds this resistance, it could trigger further positive moves towards the next resistance at $89.74. If this level is broken, it could lead to further price growth towards the resistance level of $105.9 and beyond.

Conversely, if bearish pressure prevails and Litecoin fails to break through the $76.85 resistance, the price could decline towards the $57.41 support. A break below this level could lead to further declines to test the $50 support, with a further move lower possible if this range is broken.