Litecoin Price Analysis: Will $LTC Price Rally Continue to $150?

Litecoin Price Analysis: Amid the increasing bullish momentum in the crypto market, the Litecoin price witnessed a massive surge on June 30th. This rally could be associated with news that the Canadian government gives approval for unlimited trading of Litecoin (LTC) along with three other cryptocurrencies. Moreover, the long bullish candle recorded 28% growth and breached two important resistance of $103.2 and a downsloping resistance trendline. But can this breakout trigger a new uptrend in LTC price or is it a bull trap?

Also Read: Litecoin (LTC) Ousts Solana to Reclaim Top 10 Spot

Litecoin Price Daily Chart

• The $103.2-$102.2 resistance breakout set the Litecoin price for a 28% upswing
• The coin holders can maintain a bullish outlook until the coin price is sustained above the breached trendline
• The 24-hour trading volume in the Litecoin coin is $1.63 Million, marking a 49.5% loss.

Source-Tradingview

The Litecoin price reclaiming the $100 psychological mark with the recent breakout caught the eyes of several market participants. The technical chart also reflects some action that indicates a high possibility of a genuine breakout.

Before this breakout, the LTC price showed a downswing around the 4th week of June, these drops are usually shakeouts where the weekends get eliminated and strong players get better entry. Moreover, the high volume in this breakout reflects the buyers’ conviction to rise higher.

Yesterday, the coin price showed a countertrend move(retest to breached resistance) and sustained above the $103.2 level. The lower price rejection at this flipped barrier indicates the buyers defending the new support.

By the press time, the Litecoin price traded at the $109.8 mark and showed a suitable follow-up with 2.53%. With sustained buying the price could rise 21.5% to hit the next significant resistance of $133.7.

Will Litecoin Price Reach $140?

After an aggressive price rally, the Litecoin price is likely to show some consolidation or pullback before continuing with the bullish trend. For coin holders, the breached $103.2-$102, and downsloping trendline are two crucial support that buyers should to maintain a bullish outlook. If the bullish momentum persists, the post-breakout rally may drive the coin price to a potential target of $133.7, followed by $143.3, and $154.3

• Relative Strength Index: The daily RSI slope surged above the 60% mark indicating high momentum buying in the market.
• Average Directional Index: An uptick in ADX slope near the 25% mark reflects the strength in buyers to lead a prolonged.