Litecoin (LTC) price has shown renewed momentum in recent sessions, staging a steady upward move from its recent consolidation phase. With growing bullish sentiment and increased network activity, LTC is approaching a crucial resistance zone. The price has been climbing closer to the $150 psychological barrier, prompting traders and investors to monitor closely. As the market structure begins to favor buyers, a key question arises: Can Litecoin break above $150 and chart a path toward new highs in the near term?
The LTC price marked the local highs at around $120, which triggered a correction, compelling the price to face a correction and remain under the bearish influence. However, the bulls, despite remaining passive, are defending the support at $105, which is flashing a possibility of a potential rebound. Currently, the Litecoin price appears to have set a major target, probably at $200, as the current accumulation could end soon.
The price action in the long term remains extremely bullish regardless of the short-term corrections, hinting towards a continued ascending trend hereafter. The price failed to break the neckline of the double-bottom pattern and underwent a correction, which was expected to occur after the breakout. However, the weekly Ichimoku cloud is close to undergoing a bullish crossover, and as the price remains above the cloud, the bulls are expected to have a tight grip over the rally.
On the other hand, the weekly RSI surged above the average levels but failed to test the upper threshold. This may suggest the price could be under bearish influence, while in the larger landscape, the Litecoin price is accumulating to demonstrate massive price action soon. To do so, the price is required to break the barrier at $125, which may activate the target at $150. Further, surpassing the crucial resistance at $155 could break the ascending consolidation that it has sustained since 2023, which could further instigate a fresh bull run to new highs.
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