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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 18, 2024 10:10 UTC
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Litecoin Surges 13%, Targets $100 as Rising Channel Rally Grows
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.
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.Â
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.
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