Can Litecoin Reach $400 After Breaking This Resistance? Assessment
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- Litecoin’s breakout from a multi-year triangle demonstrated robust bullish momentum, targeting the resistance levels at $136 and $232.
- The MVRV ratio and heightened institutional activity pointed to cautious optimism for potential growth.
Litecoin [LTC]
recently broke out of a multi-year symmetrical triangle pattern, ending a significant consolidation period.
At press time, LTC was trading at $112.32, reflecting an increase of 0.86% over the last 24 hours.
This breakout has garnered considerable attention among traders and raised expectations for a sustained bullish rally.
The pressing question is whether Litecoin can sustain its upward trajectory and reach the anticipated $400 milestone.
Litecoin: Strong rally ahead
This breakout, underlined by strong momentum, establishes the groundwork for a bullish rally with critical resistance levels at $136 and $232 in view.
Litecoin’s price behavior indicates favorable conditions to test these levels which will serve as pivotal indicators for its development.
The successful breakout from the symmetrical triangle signals renewed buying interest that fortifies prospects for continuous upside movement.
Achieving these resistance points will be vital for Litecoin on its path towards reaching the target of $400.
Furthermore,= both the 9-day and 21-day moving averages have recently executed a bullish crossover confirming signs of trend reversal when analyzing long tern behaviors. class="highlight">
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