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Cryptocurrency News Articles
Litecoin Poised to Surge Past Barriers, Targeting $119.84
Mar 25, 2024 at 02:02 am
Litecoin's price hovers below the psychological $100 level and a declining resistance line. Despite these hurdles, LTC's bullish market structure suggests a potential rally to $119.84. However, a breakdown of the $76.78 support would invalidate this bullish outlook, potentially leading to a drop towards $53.83.
Is Litecoin Poised to Break Barriers?
Litecoin's (LTC) price is hovering below the $100 mark and a descending resistance line. Despite this, the bullish market structure suggests a potential ascent to $119.84.
Can LTC Overcome Resistance?
LTC has formed lower highs since March 2022 and currently sits below the trendline connecting these points. The $100 psychological level also acts as a barrier. However, momentum indicators such as the RSI and AO show buyer dominance.
If LTC can breach the $100 resistance, it could trigger a breakout rally targeting the $119.84 ceiling. This would represent a 32% gain from current levels.
Risks to the Bullish Outlook
However, Bitcoin's price action could pose a threat to LTC's bullish prospects. A sharp correction in BTC could lead to a retest of the $76.78 support.
Invalidation of the Bullish Thesis
A breakdown below $76.78 would create a lower low and invalidate the bullish thesis. In this scenario, LTC could potentially drop to $53.83, a 30% decline from $76.78.
Conclusion
LTC's price faces critical resistance levels. If it can overcome these hurdles, it could embark on a substantial rally. However, the potential for a Bitcoin correction poses a risk to the bullish outlook.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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