Litecoin (LTC) Eyes Major Rally: Can It Reach $66?

Litecoin (LTC) is showing an upward trend, and there’s an increase in appreciation consistent with the overall bull trend

Litecoin (LTC) price showed an upward trend on August 23, and there’s an increase in appreciation, consistent with the overall bull trend, an indication of a coming reversal.

Litecoin (LTC) is showing strength in the bi-weekly chart as it tested the support near the 0.786 Fibonacci retracement point.

Litecoin price today is up by 6.62% over the last 24 hours, trading at $99.98. LTC's 24-hour trading volume is $833.49M.

Litecoin's price has decreased by 14.42% over the last week.

Investors are looking at a confirmed break of $103.7, which can hint at a strong and imminent rally.

Litecoin price prediction: LTC is showing strength in the bi-weekly chart as it tested the support near the 0.786 Fibonacci retracement point.

According to the crypto analyst, this support point is traditionally viewed as a takeoff point in continuation bull trends, and LTC broke higher with tremendous speed.

The rebound indicates a possible sentiment and structure switch, with investors subsequently paying attention to confirmation of an extended trend reversal.

In the event that the current pattern stands, analysts are eyeing two significant resistance points ahead: $141.54 as an initial stop and then an extended target of $194.22.

These are calculated from past price history and Fibonacci extension models, relating to past zones of breakthrough in earlier bull markets. Minor pullbacks are expected along the route, but overall the structure favors further upward direction, indicating that Litecoin may commence with a new bull phase.

This comeback is timed perfectly, as altcoins are already starting to gain steam after a spell of market consolidation.

Litecoin, commonly referred to as a sleeper in the altcoin community, has traditionally experienced blowout moves in the bull and bear markets.

With strong technical support and increasing momentum driving it, LTC is positioning itself again as an asset to monitor over the coming weeks.