Why Litecoin Price Could Rise 33% to $110

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Crypto analyst predicted: Litecoin price It is preparing for an explosive rise to $110. Unlike Bitcoin and Ethereum significant reduction Litecoin appears to have stabilized over the past few months, rising about 7.8% last week, according to CoinMarketCap. Although LTC has seen significant declines this year, analysts are still hopeful that the cryptocurrency can cross the $100 threshold and regain its previous highs.

Litecoin price is aiming to surpass $110.

Litecoin is probably Ready for a powerful riseAccording to new analysis from TradingView market expert MadWhale. The analyst indicated Cryptocurrency has the technical structure necessary to break away in the long term. Descending Channel It could potentially rise to $110. With the price currently at around $83, a surge to this level would represent a significant rally of 33%.

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MadWhale based his bullish LTC forecast on weekly candlesticks and how the cryptocurrency has consistently reacted to past support and resistance levels. He explained that the altcoin has been stuck in a downward channel that has controlled its price for several weeks now. According to TradingView analysts, Litecoin is now approaching the upper resistance area of the descending channel. This is the point where traders typically observe a clean breakout or sharp rejection.

Looking at the analyst price chart, Litecoin’s support areas They continued to stand firm, showing that buyers continued to defend the area. With this steady support, he expects Litecoin to build momentum by rebounding near the upper resistance of the descending channel. If support holds, MadWhale suggests the cryptocurrency could surge to $110, completing a breakout of the descending channel.

A breakout could signal a significant change, potentially turning Litecoin’s recent downtrend into a new bullish phase. MadWhale’s charts are also highlighted. Cryptocurrency VolatilityThis shows that LTC rose about 33.84% to above $120 in early October. However, it plummeted more than 17% in just a few days. Liquidation event on October 10th That shook the market.

LTC’s price action update

Litecoin is about 79% below its all-time high of $410. Bull market in 2021. The cryptocurrency is down 17.68% over the past week and is down 33% this year. Wider declines seen across altcoins. Despite its performance, LTC’s fear and greed index is ruins The neutral zone suggests cryptocurrency investors are cautiously optimistic.