Bitcoin News Update: Litecoin Faces Crucial $101.50 Barrier—Will It Surge or Retreat?
- Litecoin tests $96 support with $101.50-$105 levels critical for breakout/consolidation. - Technical analysis highlights multi-year accumulation patterns and Bitcoin correlation influencing price action. - Analysts debate $100-$125 near-term targets vs. $140-$400 long-term goals depending on Bitcoin stability. - Market remains divided between bullish historical parallels and caution over potential 20-30% retracements.
Litecoin (LTC) is currently hovering around a crucial support zone near $96, with traders closely eyeing the $101.50 mark as a potential trigger for an upward move. Historically, Litecoin’s price has often followed Bitcoin’s trends, and recent technical analyses have brought attention to long-term accumulation patterns and possible rally drivers.
According to a recent 4-hour chart review by trader @mr_uponly on TradingView, a significant resistance has formed at $105, which is considered a pivotal level by Elliott Wave analysts. Surpassing this barrier could initiate a strong upward movement, while losing the $96 support might result in a sharper decline.
On the weekly timeframe, Litecoin has consistently attracted buyers in the $90–$95 region, as shown by repeated long lower wicks that suggest strong support. This has led some market observers to compare the current setup to previous accumulation periods that preceded major price increases.
On the daily chart, Litecoin’s price movement continues to closely track that of
Long-term forecasts differ significantly. Analyst Knight has set a $400 target if market conditions are favorable, while Flowstate Trading sees $140 as a more achievable goal should the overall crypto market sentiment improve. The ambitious $650 projection, which has gained traction on social media, depends on several factors,
As of November 17, Litecoin was priced at $96.97,
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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