Litecoin (LTC) Price Shows Bullish Signals After Forming Strong Support

Crypto analysts have revealed that Litecoin (LTC) is showing bullish signals after forming strong support.

Crypto analysts have revealed that Litecoin (LTC) is showing bullish signals after forming strong support.

After Donald Trump announced that Bitcoin (BTC), Solana (SOL), Cardano (ADA), and Ripple (XRP) will be part of a Strategic Crypto Reserve in the United States, the crypto market has seen some interesting price movements.

While these four cryptocurrencies are heating up with double-digit gains, Litecoin (LTC) is still struggling to recover, and it is getting sold off by investors.

According to TradingView data, as such, the LTC price declined 3.82% in the last 24 hours and 5.29% in the previous week. The LTC price is currently $123.36, but it may turn bullish again in the near term.

Litecoin (LTC)’s Technical Setup Signals a Bullish Breakout

Crypto analyst Solberg Invest recently tweeted that the LTC price is confirming support at a critical level, which, if maintained, may lead to a further price move upwards.

The chart in the tweet shows a triple-bottom formation and a bullish reversal indicator, which signals strong buying interest at lower prices.

This trend suggests that buyers intervened each time the Litecoin price dropped, thus maintaining a solid foundation for future price appreciation.

Moreover, LTC has now broken out of a long-term downtrend, which increases the chances of a sustained rally.

Currently, LTC is testing a support zone that was previously a resistance level. If this new support holds, it will confirm the breakout and set the stage for further gains. However, if Litecoin fails to maintain this level, there could be a temporary pullback before another attempt at higher prices.

The analyst has set a price target of $230, which aligns with previous resistance levels on the chart. The market will be closely watching whether the buying pressure remains strong enough to sustain this upward trajectory.

Litecoin Could See Massive Gains After Breaking $137

Solberg Invest isn’t the only cryptocurrency analyst who is bullish on the price of Litecoin (LTC). Crypto analyst CyphrGM has pointed out that Litecoin might have the best-looking chart in the market right now.

In a recent tweet, he added that if the LTC price breaks the crucial $137 resistance, there’s little to stop it from rallying toward $280. For context, the coin is 9.43% away from hitting the $137 resistance level.

The cryptocurrency analyst shared a chart showing LTC forming a long-term ascending trend, with its coin now testing a major resistance level.

Historically, breaking past such levels has led to sharp rallies, and the analyst believes a breakout above $137 could trigger a wave of momentum buying.

The next key resistance is around $280, meaning LTC could nearly double in value if the bullish setup holds.

According to CyphrGM, once Litecoin clears $137, the market enters what traders call “thin air,” meaning there are no major resistance levels until the $280 region.