Litecoin Primed for $112 Breakout as Dragonfly Doji Signals Bullish Reversal

Litecoin's chart just flashed the classic Dragonfly Doji—and traders are betting this could be the start of something big.

The Technical Setup

That single candlestick pattern suggests buyers are stepping in strong after recent dips. When you see this formation near support levels, it often signals momentum is about to flip bullish.

Price targets are now laser-focused on the $112 resistance zone. Breaking through that level would confirm the pattern's prediction and potentially open the door for bigger gains ahead.

Of course, nothing's guaranteed in crypto—where 'technical analysis' sometimes feels like reading tea leaves with extra steps. But for LTC holders, this could be the validation they've been waiting for after months of sideways action.

• Litecoin’s Dragonfly Doji candle pattern indicates a strong bullish reversal potential, targeting a breakout toward $112.
• Analysts note Litecoin’s current compression phase mirrors its pre-2017 rally, suggesting another significant bullish move ahead.
• Key resistance is identified around $112, while $96 remains crucial support for sustaining a bullish market structure.

Litecoin (LTC) is showing a price pattern similar to a past major rally. Analysts believe this quiet phase may soon shift into an upward breakout. Technical indicators such as the Dragonfly Doji candle also point to growing buying momentum.

At the time of writing, Litecoin (LTC) is trading at $98.18, with a 24-hour trading volume of $2.48 billion and a market capitalization of $7.47 billion. The coin has seen a 5.02% increase in the last 24 hours, signaling renewed interest from investors as momentum begins to build again.

Litecoin Repeats Pattern Signaling Bullish Breakout

Prominent crypto analyst, Master, reported that the current Litecoin has the same three-month compression trend it followed between 2015 and 2017 that led to a tremendous price surge. But this time around, the network adoption and utilization of the network are reportedly 136 times greater, meaning the setup this time may have the potential for further growth.

“$LTC is going to resolve to the upside at some point,” he stated, hinting that the ongoing consolidation could soon give way to a breakout.

Bullish Signal Emerges As Litecoin Strengthens

Adding to this, another crypto analyst, CRYPTOWZRD, noted that the day’s candle for Litecoin closed as a Dragonfly Doji, a shape commonly associated with a bullish reversal. He noted that if the path for Bitcoin is higher, that for LTC may be stronger.

“Tomorrow I will closely observe the intraday chart of LTC for a rapid scalp trade,” he noted, underscoring the fact that both LTC/USD and LTC/BTC pairs closed the day with Dragonfly Doji candles, a potential preliminary indication of a subsequent breakout higher.

CRYPTOWZRD pointed out $112.00 as a subsequent important resistance level, and $96.00 is a major daily support. It will most likely be dependent on the dominance of bitcoin for the subsequent direction of LTC. Once this begins to fall, LTC will experience greater upside momentum.

Litecoin Poised For Strong Upside Reversal

Litecoin’s intraday chart revealed chaotic activity, and the token exchanged in a very close area. A crossing above $101.50 might create a gateway for a positive breakout, but sliding below $91.50 could indicate a possible reversal towards the $85.00 area of support.

Analysts are waiting for a clearer configuration for now before entering decisive trading. Until Bitcoin continues to affect the aggregate crypto market, the large MOVE for LTC in the succeeding sessions may rely on the performance of BTC.

If the compressing phase completes like it has done in the past, Litecoin may be building towards a major breakout, a breakout that could resurrect its long-term bullish story.