Litecoin Price Analysis: Eyes on $100 as Meme Coin Rally Heats Up

As Bitcoin surges past its previous high, Litecoin has emerged as a potential bull run candidate. Crossing the $80 mark, the cryptocurrency has triggered a Morningstar patent, indicating a shift towards optimism.

Furthermore, Dogecoin's recent support and the momentum siphoned from the meme coin rally suggest a potential surge above the $100 psychological level. To gain insights into key technical levels and future price targets, let's delve into the Litecoin price analysis.

Litecoin Price Analysis

With a 7.37% intraday gain, Litecoin is forming a Morningstar pattern, signaling a bullish reversal. Trading at $81.10, it exhibits a bullish engulfing candle, indicating a potential breakout above the 50% Fibonacci level at $78.17.

Tradingview

The 24-hour high of $85 challenges the 61.80% Fibonacci level, increasing upside potential. Litecoin's price action retests the 38.20% Fibonacci level at $72.25 and the 200-day SMA line, demonstrating a morning star pattern.

Bullish Technical Indicators

Amid growing bullish sentiment, the 50-day and 200-day SMA lines are poised for a golden crossover. Additionally, the MACD and Signal line maintain a positive trend, with persistent positive histograms.

Meme Coin Momentum

Litecoin's recent humorous tweet referencing the meme coin trend has garnered support from the Dogecoin team. As the meme coin rally continues, LTC aims to capitalize on the additional momentum for recovery.

$100 Breakout Potential

Based on Fibonacci levels, a breakout above the 61.80% level could lead to a reclamation of the $100 mark. This could extend to a 52-week high above $112.98.

For a sustained rally, Fibonacci targets suggest a price target at $164.86. On the downside, crucial support levels stand at $78 and $72.

As Bitcoin aims for $100k, it remains to be seen how high Litecoin can reach in 2024. For further insights, refer to Coinpedia's Litecoin (LTC) price prediction.

FAQs

• Key Resistance Levels: $85, $100, $112.98
• Bullish Indicators: Morning Star pattern, bullish engulfing candle, golden crossover
• Support Levels: $78, $72