LTC Price Analysis: Bullish Rally Eyes $218 Post $128 Breakout

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As Litecoin reaches the price levels last seen in April 2022, the bullish trend in the LTC price is gaining momentum. With a parabolic rally on the words, Litecoin is reaching a crucial resistance breakout, priced at $128.

With a bullish start to this week, will the Litecoin price surpass the $200 mark in this recovery run? Let’s find out.

Litecoin Price Analysis

The LTC price trend is currently at $121.77, with an intraday gain of 1.83%. This marks a bullish opening to the fifth consecutive positive week. In the weekly chart, the rounding bottom reversal in the LTC price trend has surpassed the critical resistance level of $111.

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The supply range extended from $110 to $112, and last week’s closing at $119.61 has given a massive bullish engulfing candle. With the ongoing recovery, the LTC price is now challenging the 23.60% Fibonacci level at $128.16.

However, the higher price rejection leading to a long-week candle has dropped the market price. With the 24-hour high at $129.85, the LTC price has now reached the level last seen in April 2022.

Furthermore, the sideways trend in the LTC price trend over the past two years is now coming to a bullish conclusion. With the broader market anticipating a breakout of the 23.60% Fibonacci level, the upside price target is expected to be at $218.

Will Litecoin Reach $200?

Supporting the bullish trend, the MACD and signal line are continuing a positive rally with the surge of gradually intensifying bullish engulfing candles. Furthermore, the 50-week and 200-week EMA lines are incredibly close to giving a golden crossover. This will improve the underlying sentiments and increase the chances of a bullish rally.

The higher price rejection warns of a potential retest of the $112 breakout zone, but the broader market recovery will prolong the bullish rally. Before the $218 price target, the LTC price could find minor supply surges at $160 and $187.

As Bitcoin targets $100k, are you curious how high Litecoin will go in 2024? Check out Coinpedia’s Litecoin (LTC) price prediction to find price targets above $100.