Litecoin Poised to Surge Past Barriers, Targeting $119.84

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.