LTC Is Now Closing a Bearish Trend and Trying to Move Toward Its Resistance

A crypto analyst, Andrew Griffiths, highlighted that Litecoin (LTC) is showing a strong bullish signal on its weekly chart against USDT as price action moves close to a long-established trend channel.

Litecoin (LTC) is currently consolidating and ranging on different timeframes. Its price is closely observed by traders, especially as it attempts to break above the crucial $100 resistance.

At the time of writing, LTC is trading at $98.09, showing a 24-hour trading volume of $503.77M and a market cap of $7.44B. The LTC price is hit by market volatility on the one-day and weekly charts, but over the last month, its price is significantly up by 31.88% and showing positive signs for the next breakout.

LTC in One-Day Chart. Source: CoinMarketCap

Litecoin’s Bullish Wave Expected With Target at $147

One crypto analyst, Andrew Griffiths, highlighted that Litecoin (LTC) is showing a strong bullish signal on its weekly chart against USDT as price action moves close to a long-established trend channel. A move through the area would ignite another bullish wave with target levels of T1-$105, T2-$115, T3-$129, and potentially T4-$147.

These are levels of previous swing tops and future price projection lines where the momentum will potentially ramp higher on increasing buying volume. In support of such a setup is the fact that the weekly RSI is back at the midline, with plenty of room for higher prices before becoming oversold.

Litecoin Weekly Chart Against USDT. Source: Andrew Griffiths on X

Effective risk management remains crucial as bulls-eye a potential breakout. Recommended stop-loss targets are at SL1-$97, SL2-$80, and SL3-$63, all at significant support points. A breakout is not yet guaranteed, but the structure shows the strength of the momentum.

With increasing traction in Litecoin and overall positive sentiment, both short-term and long-term holders are keeping an eye on price action, awaiting confirmation of the sustained rally.

Moreover, another crypto analyst, Elite Crypto, suggested that Litecoin (LTC) has produced an impressive performance, jumping 72% in six days, one of its strongest rallies of the last few months. The increase was preceded by a convincing bounce from the $62 support point, as viewed in the weekly chart, as LTC regained the all-important $85 area.

This level was previously strong resistance but has become sound support. The price is now heading towards the subsequent notable resistance at $106 with positive momentum surging, suggesting scope for further gains.

LTC on Weekly Chart Showing Breakout From Support. Source: Elite Crypto on X

If the LTC can break above the $85 support level, it can form a firm base for the continuation of the push towards previous highs. Market structure continues to be positive, and increasing volume suggests increasing investor confidence. Under positive conditions, Litecoin might be at the center of the upcoming altcoin rally. A maintained breakout above significant levels can pave the way towards the $106–$110 level in the near future.