Litecoin joins the bullish cycle after breaching the $200 price level for another 3-month record high at $225. The alternative coin registered a daily close beyond the 200 MA, creating a high bullish case. If the upcoming sessions support a weekly close over this moving average, Litecoin will register massive upticks.
Litecoin maintained its price movements beneath $130 over the last three months. That came during the months-long bearish narrative that had the overall cryptocurrency market dipping by around 50% from the record highs.
Finally, LTC broke out of the vital range as the total market witness price upticks. For now, market players expect the coin to overpower its prolonged price range. With that, the crypto will retest its record highs of $412. Moreover, enough momentum will see LTC hit the $500 target level. Another optimistic analyst predicted that Litecoin has the chance to hit $1,000.
At the moment, LTC’s critical resistance lies at $225. If the coming sessions see Litecoin overcoming this obstacle, the alt will surge towards $260 soon. Until that happens, Litecoin will have its actions in the range between $190 and $220.
What Holds Litecoin Future?
Traders appear interested in Litecoin’s latest progress, reflected by the massive buy orders on Friday. Litecoin recorded more than five transactions worth over $33 million in the previous day. Though the asset remains over 50% lower from its ATH, highly bullish runs are known to skyrocket crypto prices by double or even triple digits.
For now, LTC has to maintain its actions over $200. That way, it can attempt to flip the resistance at $225 into support for upsurges. Though the negative actions over the past week saw LTC losing its top-ten spot, analysts believe that the token will register Solana-like moves after it reclaimed the $200 mark.
On the other side, BTC struggles to overpower the psychological level at $50K as its target to utilize the support at $53K. With the correlation between BTC and the altcoin market, LTC will hit its targets if Bitcoin confirms bullish momentum to the upside.
Feel free to share this article.