- Litecoin breaks $120 resistance, gaining 13% weekly, signaling bullish momentum toward the $233-$280 target zone.
- Fibonacci levels highlight $233 as a key target for LTC after a strong breakout and rising investor interest.
- LTC’s reversal after prolonged consolidation sets a bullish tone, with a potential rally to $280 in sight.
Litecoin shows bullish momentum as it attempts to break above long-standing resistance levels. The LTCUSDT perpetual contract on BYBIT, analyzed by CryptoBullet, highlights a notable price surge from $87.97 to $110.58 within a week. This 13% weekly gain signals growing buying pressure, as the cryptocurrency approaches a critical breakout zone.
Breakout Above $120 Resistance
LTC saw a notable peak in early 2021 before beginning a lengthy slide. However, after consolidating within a small range in 2022 and 2023, the coin formed severe resistance near $120. Its previous negative trend has reversed with the current breakout above $120. A horizontal black line highlights this resistance level on the weekly chart. The breakout appears to have initiated a potential upward trajectory toward Fibonacci-based targets.
Source: CryptoBullet
Fibonacci Levels and Price Projections
CryptoBullet’s analysis integrates Fibonacci extensions, placing the 1.618 target level at $233. The target zone between $233 and $280, emphasized in pink on the chart, reflects this calculated price projection. The structure aligns with historical price behavior and the breakout momentum.
Additionally, a descending trendline connecting lower highs in earlier periods was breached. This indicates a shift from bearish consolidation to bullish momentum. Litecoin’s strong weekly candle sizes and rising volume further support this upward trajectory.
Technical Indicators and Market Setup
A measured move projection derived from the previous price range suggests a continuation of the upward trend. This projection, marked by an upward green arrow on the chart, outlines the expected move. Moreover, the broader chart structure highlights a base formed during Litecoin’s consolidation phase. This base now supports the ongoing rally. The $233-$280 target zone acts as a critical resistance range for bulls. Breaking this zone could unlock further upside potential.
Consequently, Litecoin’s current momentum reflects a substantial bullish reversal after extended consolidation. The analysis underscores the importance of the $120 breakout, which has reignited investor interest.
The post Litecoin Eyes $233-$280 as Bullish Momentum Breaks Key $120 Resistance appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed