LTC Price Reversal Eyes $80 Breakout Amidst Market Recovery

The post LTC Price Reversal Eyes $80 Breakout Amidst Market Recovery appeared first on Coinpedia Fintech News

The general market recovery and high hopes of Bitcoin crossing the $50K barrier fuels the uptrend in altcoins like Litecoin. The LTC price shows a swift uptrend as it reverses over the week for double-digit growth. 

As the trend momentum increases for Litecoin, the buyers are ready to fuel enter at levels at $70. Therefore, despite the long consolidation below $100, the LTC price prediction holds a bullish torch in 2024. 

Source: TradingView

Following months of lateral trend below the $80 mark, the LTC price finds a fresh spirit of recovery at the $60 mark. With multiple lower price rejection candles, Litecoin aligns the recovery with the Bitcoin Spot ETF approvals for the extra push. 

Forming a rounding reversal and crossing the 23.60% Fibonacci retracement level at $71.77, Litecoin aims for further growth. The streak of bullish candles and the rising trading volumes support the possibility of an uptrend continuation. 

The LTC price is currently trading at $72.96 with an intraday growth of 1.54%, following the 2.51% jump last night. As the buyers remain dominant over the Litecoin price trend, the $80 breakout chances for Litecoin improve. 

Technical indicators:

RSI indicator: The daily RSI line shows a swift reversal, crossing the 14-day SMA and the halfway line. Hence, the ongoing recovery comes with a massive momentum, as per RSI. 

MACD Indicator: The MACD and signal lines regain positive alignment with a crossover below the zero line. This reinstates the bullish histograms in motion and reflects bullish momentum on the rise. 

Will LTC Price Reach $100?

Considering the market recovery continues to gain momentum and fuel the altcoin rally, Litecoin is set to cross the 2023 record high. However, for a continuation of the bullish trend, the $80 barrier will be a critical obstacle as it remains a multipoint resistance in the LTC price history.

In case Litecoin manages to push past $80, the uptrend can easily scale to the $100 mark. However, a reversal can set a retest phase of $70 in motion.