Amid Litecoin recent bullish trend, analysts have identified a potential breakout pattern, and key indicators suggesting a price surge.
Technical analysis indicated a potential breakout to $100, supported by rising Open Interest and SOPR trends., one of the top cryptocurrencies by market capitalization, has been bucking the overall bearish trend seen across the crypto market in recent weeks.
However, in the past 24 hours, there has been a slight retracement, with LTC now down 0.5%, trading at $65.88 at the time of writing.This bullish price action from LTC has caught the attention of traders and analysts. One such prominent crypto analyst, ZAYK Charts,According to ZAYK Charts, Litecoin was trading within a descending channel formation on its 1-day chart, which could signal a potential breakout on the horizon.
According to ZAYK Charts, if Litecoin manages to break out of this descending channel, the next target for the asset could be as high as $100.However, this breakout will largely depend on market momentum and whether Litecoin can gather enough bullish support to break through its resistance levels.To support this potential breakout, there has been some interesting movement in Litecoin’s fundamentals.
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