Litecoin Bounces Back—$117.50 in Sight After Defending Critical Support

Litecoin bulls are back in the driver’s seat as the silver-to-Bitcoin’s-gold stages a rebound from a key support level. Analysts now eye $117.50 as the next upside target—proof that even ’zombie’ coins can have their day.

Market watchers note the resilience, though skeptics whisper: ’Wake us when it flips a real estate ETF.’

Litecoin Eyes Breakout As Market Awaits BTC Confirmation

Litecoin is currently trading at a pivotal level, caught in the middle of growing speculation about the market’s next major move. After a powerful 69% rally over the past month, LTC has entered a phase of consolidation, holding just above a crucial support level. The broader crypto market is in a similar position, with investors watching closely for a potential breakout in Bitcoin that could pull the rest of the market higher.

As bitcoin hovers just below its all-time high, Litecoin traders are holding their breath. Many believe that a breakout above the $109K mark for BTC could serve as a catalyst for altcoins, especially LTC. But not everyone agrees—some analysts expect the market to cool down first, leading to a deeper correction before any renewed upside.

Runefelt is firmly in the bullish camp. He recently shared a technical analysis highlighting a bullish flag pattern forming on Litecoin’s chart. According to Runefelt, Litecoin has already bounced from support, and this setup presents a high-probability breakout scenario. His price target for the move is $117.5, which WOULD mark a significant push higher from current levels.

Runefelt’s view aligns with the broader bullish sentiment that’s slowly rebuilding across the market. However, the confirmation remains dependent on both Litecoin’s ability to break above short-term resistance and Bitcoin’s performance NEAR its all-time high. For now, LTC investors remain cautiously optimistic, aware that momentum could shift quickly depending on macro market developments.

Technical Details: Key Levels To Watch

Litecoin (LTC) is currently trading at $95.35, showing resilience after a brief pullback from its recent local high near $106. The chart highlights a period of consolidation, with LTC finding support just above its 200-day exponential moving average (EMA) at $93.82 and slightly below the 200-day simple moving average (SMA) at $100.76. These two moving averages are now acting as a technical pivot zone, creating both resistance and support that could define LTC’s next move.

After a strong rally from April lows around $66, Litecoin surged over 69% before facing resistance at the psychological $100 level. The price is now hovering in a tightening range, which could develop into a bullish continuation pattern—especially if broader market sentiment remains positive and Bitcoin pushes above its all-time high.

Volume has slightly decreased during the recent pullback, indicating a lack of strong selling pressure. This supports the bullish thesis that the current MOVE is a healthy consolidation rather than the start of a reversal. A breakout above the $100.76 resistance would open the door toward the $117.50 target, as mentioned by analysts like Carl Runefelt.

Featured image from Dall-E, chart from TradingView