Litecoin Eyes $100 Milestone After 33% Price Liftoff, Bulls Target $250 Next

Table of Contents

• TLDR

Veteran cryptocurrency Litecoin (LTC) has awoken from its multi-year slumber with a 33% price spike over the last week. The rally vaulted LTC to nearly $90 after languishing under $60 at the start of February. Technical and on-chain signals now point to gathering upside momentum as the blockchain’s next halving event approaches.

TLDR

• Litecoin (LTC) price jumps over 33% in one week, trading around $90
• LTC targeting next resistance around $104, with potential to reach $250 long-term
• Bullish outlook tied to upcoming LTC halving mirroring past BTC price patterns
• Key support around $60 held during latest price pullback, with next barrier at $70
• Social metrics and historical data suggest LTC could embark towards $100 target

According to recent analysis, Litecoin appears poised to continue on its parabolic trajectory, with targets nearing $250 in the longer-term. The prognosis stems from bullish historical precedents around Bitcoin’s halving timeline, which LTC has closely tracked. The seminal events have catalyzed profound supply squeezes and subsequent price rises for BTC.

Litecoin’s looming halving carries substantial weight in shifting market sentiment as well. With rewards per block mined getting cut in half this August, elevated scarcity tends to drive valuation gains from speculative inflows. This fundamental gravity combined with positive technical factors seems destined to send LTC towards a major breakout.

The rally past seven-day rally lifted Litecoin above its 50-week moving average for the first time since last summer. That initial breakout propelled the price to a high around $95 before stabilizing around the $90 zone. The burst also carried the Relative Strength Index (RSI) indicator into bullish territory above 50.

If historical symmetry holds, analysts expect Litecoin to challenge its all-time peak value above $400 eventually. More immediately, reaching the previous 2022 swing high around $104 would represent a crucial test. Clearing that would open the door to $250, translating to an impressive nearly 200% overall gain from current levels.

On pullbacks, Litecoin found reliable support this week around $60. But holding the prior swing low area around $70 on future dips is now key to keeping upside momentum intact. Failure to bounce off that floor would risk declines back into the $60s.

Beyond the technical lens, on-chain activity and social metrics have trended decidedly more upbeat recently – highlighting the noticeable shift in investor confidence. Network transaction volumes are up substantially as holder numbers approach 9 million in total. Surging positive sentiment combined withDerivative speculation hints investors expect much greater horizons ahead.

Litecoin seems primed for a moonshot of 200% or more if forecasted upside targets hit. But with the road never linear in crypto, maintaining key support levels when volatility strikes will be critical to prevent losing bullish traction. If LTC bulls can defend higher floors, the journey to $100 and beyond accelerates.

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