Litecoin is back in the headlines again and is eyeing an increment in its value, in line with the entire crypto market. Litecoin has established a descending wedge pattern on the price chart, which often leads to a bullish reversal ahead. If a successful breakout occurs, then it will lead to a maximum resistance area around $227.
At the time of writing, LTC is trading at $127.84 with a 24-hour trading volume of $1.09 billion and a market capitalization of $9.73 billion. The LTC price over the last 24 hours is up by 3.45%, and over the last week it is also up by 6.44% and showing high potential for the next major rally.
Litecoin (LTC) poised for a major surge and eyes $227
A prominent crypto analyst revealed that cheers are owed to Litecoin (LTC) buyers, and more specifically, buyers who used the recent period of consolidation and bought coins during this more subdued period. For an incredibly long period of time, LTC has been in a state of lateral movement, but LTC now looks headed into the critical breakout level of a multi-year lower resistance line. For decades, this resistance level has held back the price, but once cleared, Litecoin could experience a significant surge.
In case of the breakout, LTC will find itself with a clear direction of development, and nothing important will stand in the way of reaching important price targets. The closest target of interest is $168.53, then $198.66, and even $227.97.
Reaching these levels would represent an important shift in the market momentum of Litecoin and the beginning of a green period of a new bull cycle. Long-term breaking of resistances tends to represent the beginning of a sharp upward trend, and Litecoin is about to enter just that.
Such a division is favorable to Litecoin’s price and an indicator of the whole Litecoin system itself. As Litecoin itself stabilizes more, it would witness a spike in price among related projects and tokens in the Litecoin network. This provides traders and investors with the opportunity of buying LTC and other related assets during downturns, which can turn out to be very lucrative in the coming months.
