![Examining Litecoin’s [LTC] chances of reaching $130 after bullish breakout](https://i.headtopics.com/images/2023/2/8/cryptoamb/examining-litecoin-s-ltc-chances-of-reaching-130-a-examining-litecoin-s-ltc-chances-of-reaching-130-a-1623329553383931906.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The market structure of Litecoin was bullish. The reaction at $95 and the attempts to push above $100 meant bulls have the upper hand. Bitcoin [BTC] saw a small move upward from $22.8k to […]
has bounced from the $95 region of support over the past few days, and looked set to break out above $107.On the four-hour chart, Litecoin bounced from a bullish order block formed at $95. In doing so, it closed an H4 session above $100, but faced some short-term resistance at $102.5. At the same time, the $100-$106 area marked in red was a bearish order block on the daily timeframe from early May 2022.
This meant that even though the lower timeframe market structure was bullish, Litecoin could take some time to conquer this region. This belt of resistance also lay close to the $100 psychological level of significance. The RSI saw a boost over the past couple of days and stood at 59.9 to show strong bullish momentum. The rising OBV showed steady demand behind the asset, which is likely to fuel the rally further.
Above $106, $115 and $132 could pose stiff resistance to LTC bulls. Therefore, these levels could serve as take-profit areas, while a bullish retest of the $100 zone could be used to enter long positions.
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