Litecoin Price Predicted to Reach $110 Amid Potential 33% Rally

A crypto analyst predicts Litecoin's price could rally to $110, diverging from Bitcoin and Ethereum, which have seen declines. Currently priced around $83, Litecoin has gained 7.8% this past week, according to CoinMarketCap.

Key Points

Analyst MadWhale suggests Litecoin is poised for a breakout from its long-term descending channel, potentially reaching $110, indicating a 33% increase.
The forecast is based on weekly candlesticks and the cryptocurrency's historical support and resistance levels.
Litecoin's support zones have held steady, indicating strong buyer defense, which could propel it towards breaking the upper resistance of the descending channel.
Historically, Litecoin showed volatility, with a 33.84% surge in early October, followed by a 17% decline during a significant market liquidation event.

Litecoin

Current Status

Litecoin is 79% below its all-time high of over $410 from the 2021 bull run.
The cryptocurrency dropped 17.68% over the past week and is down 33% for the year, reflecting broader altcoin declines.
LTC's Fear and Greed Index remains neutral, indicating cautious investor optimism.

Market analyst CW notes a sell wall at $98, about 15% above the current price, suggesting potential resistance levels at $106-$110.

Litecoin