Litecoin Aims for Monthly Close Above Key Resistance to Trigger 30% Rally
Litecoin Attempts Key Breakout
Litecoin (LTC) is experiencing a 63% rally from April's lows, recently surpassing key levels. Key points include:
- LTC reached a high of $107 but struggled to maintain the $100 mark.
- Analyst Carl Runefelt indicates a bullish pattern that could push LTC to $117.5.
- LTC formed a bullish flag pattern and bounced off the support at $92.
- On Friday, LTC briefly hit $102 before retreating to around $96, currently hovering between $98-$99.
- A breakout above this range may set the stage for further gains toward $117.5.
Pursuit of $150 Target
Analyst Rekt Capital emphasizes the need for a monthly close above the $110-$125 resistance to target $150. Key insights include:
- LTC has historically spent more time below this resistance level.
- Recent rejections are weakening, suggesting potential upward momentum.
- A monthly close above the resistance followed by a retest could lead to a 30% rally above $150.
Currently, Litecoin trades at $98.60, reflecting a 2.7% decline over the week.
