Litecoin (LTC) Price Prediction: LTC Targets $100 After Recovering From the $80 Support Level

Starting this month on a weak note after seeing almost 50% recovery in a month, Litecoin posted losses and mounted support above the $80 level.

This month began with a weak open for Litecoin, which saw almost a 50% recovery last month. The crypto saw further losses and mounted support above the $80 level. However, it managed to regain strength and now looks bullish on the daily timeframe.

Last month, Litecoin went through a major recovery after declining to its lowest level in five months. That recovery brought the price back in the $90 range, but it failed to sustain momentum higher due to a rejection. This triggered a drop, and the crypto started the new month on a weak note.

After five days of pullback, it found solid ground and held the $81 level as support. Resurging from this support level yesterday, the price increased significantly and closed briefly above last month’s high.

Although the bulls failed to clear the psychological $100 level, they came close. This brings more recovery in the market, and now they look ready for a big move.

If they scale through the psychological $100 level, we can expect a bigger move until the price breaks higher. In the next leg down, it must break below the $80 level before considering a bearish extension in the mid-term.

Following the latest recovery in the crypto space, it saw the biggest gain among the top 50 altcoins, leading the daily altcoin rally at the time of writing.

LTC Price Charts:

The charts highlight the price movements and trends of Litecoin (LTC) on different time frames. On the 4-hour chart, LTC faced resistance at $96.5, preventing it from continuing its bullish momentum. After finding support at $81 and surging, it reached the apex of last month’s rally at $96.5.

If the bulls manage to break through this resistance level, they could aim for the next resistance at the psychological $100 level. A successful breach of $100 could lead to a recovery towards the $113 resistance.

However, if the bears manage to defend the $96.5 resistance, they might push the price lower. The next support level to watch is last month’s low at $73.3. If this level breaks, it could continue down to the $63 low.

In the short term, the trend is bullish, but a breakdown below $81 could negate this view and open up opportunities for further downside potential.

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