$LTC Litecoin has been gaining traction, rising for three consecutive days 🔥 and building strong upward momentum ✨. With the latest update on Grayscale’s filing for a potential Litecoin ETF, you might be wondering: is now the right time to invest in LTC? 🤔
To help clarify, I’ve conducted a Fibonacci retracement and trend analysis using daily candles. Based on this, LTC could potentially reach $156 USDT by February 2 🚀🤫.
Since its last correction in mid-December 2024, LTC has been trending within a parallel upward channel. After the recent correction last week, LTC has successfully held key support levels: 61% ($113 USDT) and 50% ($118 USDT), while also testing the 38% ($122 USDT) resistance level.
If LTC continues to hold at the 50% support level ($118 USDT), it could remain within this channel and break out to reach $156 USDT within a week. However, if LTC falls below the 50% support level ($118 USDT), the pattern will be broken, and LTC could drop drastically as it loses its upward momentum.
It’s also important to note that LTC is extremely volatile, with rapid price swings driven by market sentiment and external factors. While this analysis shows strong short-term potential, investors must be cautious and prepared for unexpected fluctuations.
