Litecoin (LTC)is exhibiting strong bullish signals, with technical patterns and on-chain data suggesting a potential breakout towards the $136 mark.
๐ Technical Analysis: Bullish Patterns Emerge
Analysts have identified a bull flag pattern on Litecoin's chart, typically indicating a continuation of an upward trend. This pattern, characterized by a brief consolidation following a sharp price increase, suggests that LTC$LTC may be gearing up for another surge. The breakout target from this formation is approximately $136, representing a potential 40% gain from current levels .
Additionally, a bullish pennant pattern has formed on the daily chart, further reinforcing the likelihood of an upward move. This pattern, combined with decreasing volume during consolidation phases, often precedes significant price increases.
๐ง On-Chain Metrics: Institutional Interest and Holder Behavior
On-chain data reveals that a significant portion of LTC $LTC is held by long-term investors, with over 75% of holders retaining their positions for at least 18 months. Moreover, large transactions totaling $58 billion in a single week indicate robust institutional involvement .
The majority of Litecoin holders are currently in profit, which may contribute to sustained bullish sentiment and reduced selling pressure.
๐ฎ Price Targets and Resistance Levels
Should Litecoin $LTC
successfully break through the $136 resistance, analysts have identified subsequent targets at $132.24 and $153.11. These levels represent potential points of resistance where price consolidation or pullbacks might occur .
Conversely, failure to surpass the $136 threshold could result in a retracement to support levels around $117 or $105 .
๐ Current Market Snapshot
As of now, Litecoin is trading at approximately $87.49, experiencing a slight decline of 0.08% from the previous close. The intraday high and low stand at $95.4 and $87.35, respectively.
