Litecoin (LTC) Prepares For A Breakout, Testing Crucial Supply Levels

Litecoin has shown impressive relative strength, surging over 30% in the past week, while the broader market continues to face indecision.

Litecoin (LTC) has experienced a strong bullish surge in recent days, climbing over 30% since last Friday. This impressive rally has positioned Litecoin as one of the top-performing altcoins during a period of market uncertainty. Analysts and investors are now speculating about the potential for a massive breakout in the coming weeks as Litecoin continues to show relative strength compared to other cryptocurrencies.

This impressive move has not gone unnoticed, with some expecting Litecoin to lead a bullish rally that could break multi-year highs and push into higher supply levels. However, caution remains among market experts, as the current price action could result in a fake breakout.

Top analyst BigCheds shared a technical analysis on X, revealing that Litecoin is approaching daily range peaks. According to him, the key level to watch is around $145, a critical resistance zone that has acted as a barrier in the past. BigCheds stated that while the price momentum is promising, he remains skeptical until Litecoin can decisively clear this level and hold it as support.

The next few days will be crucial for Litecoin as altcoins across the market are finding support, and Bitcoin flirts with reclaiming the $100K mark. If Litecoin can sustain its momentum and break above the $145 level, it could solidify its position as one of the leading altcoins in the current market cycle. Conversely, failing to clear this key level could lead to a retracement, testing lower support zones.