This was predicted by a cryptocurrency analyst Litecoin price is preparing for a surge to $110. Unlike Bitcoin and Ethereum that I have seen significant declines According to CoinMarketCap, Litecoin appears to be stabilizing over the past few months, gaining around 7.8% in the past week. Although LTC has seen its fair share of declines this year, analysts are still hopeful that the cryptocurrency can breach the $100 mark and regain its former highs.
Litecoin price target is $110
Litecoin may be getting ready for a robust move upresults from a modern analysis conducted by market expert TradingView MadWhale. The analyst does indicated that the cryptocurrency has the technical structure needed to break out of the long-term situation descending canal and potentially raise to $110. At the current price of around $83, an raise to this level would represent a significant raise of 33%.
MadWhale based his bullish LTC forecast on weekly candlesticks and how the cryptocurrency has consistently responded to past support and resistance levels. He explained that the altcoin was trapped in a descending channel that has been controlling its price for several weeks. According to the TradingView analyst, Litecoin is currently approaching the upper resistance area of the descending channel – the point where traders usually look for either a neat breakout or a keen rejection.
From the analyst’s price chart, Litecoin support zones repeatedly held steady, showing that buyers were consistently defending the area. Due to this solid support, he expects Litecoin to rebound near the upper resistance of the descending channel and gain momentum. If support holds, MadWhale suggests the cryptocurrency could surge to $110, completing a breakout from the descending channel.
A breakout could signal a significant change, potentially turning Litecoin’s recent downtrend into a modern phase of growth. MadWhale’s chart highlights this as well cryptocurrency volatilitywhich shows that at the beginning of October the LTC rate increased by approximately 33.84%, exceeding $120. However, just a few days later it crashed by over 17%, coinciding with liquidation event of October 10 this shook the market.
LTC price action update
Litecoin is approximately 79% below its all-time high of over $410 recorded during the session bull run 2021. The cryptocurrency is down 17.68% over the past week and is down 33% over the year, reflecting the broader decline seen in altcoins. Despite its performance, LTC’s fear and greed index remains in the neutral zone, suggesting that cryptocurrency investors are cautiously bullish.
According to market analyst CW on X, Litecoin’s next selling wall is $98, which is about 15% above its current price. Once the cryptocurrency reaches this level, CW expects a significant number of sellers to unload their coins. His chart also shows the next key resistance levels for LTC, suggesting a potential upside first to $98 and then to the $106-110 range.
Featured image from Adobe Stock, chart from Tradingview.com
