- 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.
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