The post Litecoin Breakout Imminent? Analysts Predict $100 Target as Bulls Gear Up appeared on BitcoinEthereumNews.com.

Litecoin gained 9.5% in the past week, defying the broader crypto market downturn. Technical analysis indicated a potential breakout to $100, supported by rising Open Interest and SOPR trends. Litecoin [LTC], one of the top cryptocurrencies by market capitalization, has been bucking the overall bearish trend seen across the crypto market in recent weeks. While many major assets have been hit hard, dropping at least 5% or more, Litecoin has managed to hold its ground and even post gains.  Over the past two weeks, Litecoin was up 3.5%, and in the last week alone, the asset has surged by 9.5%. 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. Litecoin poised for further growth? This bullish price action from LTC has caught the attention of traders and analysts. One such prominent crypto analyst, ZAYK Charts, shared a technical outlook on Litecoin on X (formerly Twitter). 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. Source: ZAYK Charts/X For context, a descending channel formation in trading is a technical pattern that occurs when an asset’s price moves within a downward-sloping parallel trendline. This formation indicates that while the price is trending lower, there could be a potential breakout when the price reaches the lower boundary of the channel.  A breakout happens when the price moves outside the channel’s upper boundary, signaling the end of the downward trend and potentially a reversal to the upside. 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. This projection is based on previous technical patterns observed…

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Filed under: News - @ September 5, 2024 4:09 am