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Litecoin has recently experienced a strong bullish surge, rising more than 30% since last Friday. This impressive rally places Litecoin as one of the top performers of Altcoins during periods of market uncertainty. Analysts and investors are speculating about the potential for a massive breakout in the coming weeks as Litecoin continues to show relative strength compared to other cryptocurrencies.
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Top analyst Bigcheds shares a detailed technical analysis and reveals that Litecoin is approaching its daily range peak and is gearing up to test multi-year highs around the $145 mark I’ve done it. This critical resistance level is a critical zone for Litecoin in previous cycles, and above that, it could mark the beginning of a major upward trend.
Litecoin’s recent momentum has attracted attention from both retail and institutional investors who are closely watching the confirmed signs of breakouts. With the broader market still consolidated, Litecoin’s ability to outperform could set the stage for bullish continuance and raise prices to new heights.
Litecoin’s price action remains focused for traders as Crypto Market blocks the next move. Beyond the $145 level, it will solidify a bullish story and pave the way for further profits.
Litecoin prepares for a breakout
Litecoin has skyrocketed over 30% over the past week, showing impressive relative strength while the broader market continues to be indecisive. This remarkable performance has attracted the attention of analysts and investors, and hopes that some Litecoins will lead bullish rally that could break multi-year highs and push them to higher supply levels. I’m doing it. However, attention remains among market experts as current price actions can lead to fake breakouts.
Top analyst Bigcheds shared a technical analysis for X, revealing that Litecoin is approaching the peak of its daily range. According to him, the important level to see is around $145, a critical zone of resistance that has served as a barrier in the past. Bigcheds said that price momentum is promising, but he remains skeptical until Litecoin can clear this level decisively and hold it as support.
The next few days will be important for Litecoin as altcoins across the market find support and they are cheating after Bitcoin regaining the $10,000 mark. If Litecoin can maintain its momentum and surpass the $145 level, it can solidify its position as one of the leading Altcoins in the current market cycle. Conversely, failing to clear this key level can lead to retracement and test for drops in the support zone.
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As the market has been watching closely, Litecoin’s ability to break past resistance beyond recent profits could determine that direction in the coming weeks. It is still unclear whether the move marks the start of a bullish rally or if there will be no other counterfeiting, but its price action undoubtedly sets the stage for a significant market move.
LTC Testing Critical Supply Levels
Litecoin (LTC) is trading at $127 after experiencing a strong bullish surge, rising more than 23% in less than two days. The recent price action was impressive as LTC recovered the range and was pushed past the important $120 mark. The move changed market sentiment and put a lot of pressure on the bears as prices approached $140 and $145 in the next key resistance zone.
The $140 and $145 levels represent important supply zones that historically served as barriers to even upward movement. Breakouts above these levels not only show a continuing bullish trend, but also set the stage for Litecoin to test its multi-year high at $147. Analysts believe that collecting and retaining this level above could lead to large gatherings and driving the LTC into unknown territory.
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However, the upcoming days are important for Litecoin’s price trajectory. The Bulls need to maintain momentum and adhere to current levels to maintain this upward movement. If the LTC succeeds in exceeding $147, it could attract more buyers and further increase profits. Conversely, failure to clear these resistance levels can lead to consolidation or minor setbacks before another attempt at breakout. As you approach the critical stage, all your eyes are on Litecoin.
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