As all eyes turn to major altcoins following XRP’s impressive rally, Litecoin (LTC) is nearing a significant breakout point.
The cryptocurrency market experienced major gains in November, with the top 100 altcoins by market cap making notable gains. One of these altcoins, XRP, surged by over 300%. This major rally for XRP was accompanied by other major altcoins such as XLM and ALGO.
Whether the major altcoin rally will continue is currently uncertain. Coinpedia examined Litecoin, an altcoin that has yet to complete its potential rally, and noted that the altcoin is approaching a significant resistance point in the near future.
Litecoin (LTC) Analizi$LTC
Litecoin (LTC) has reached one last critical point before its bullish rally, according to analysis by Coinpedia. The popular altcoin is on track to test the resistance at $128.
Entering a potential uptrend, LTC gained nearly 20% in the last 24 hours. LTC entered its fifth consecutive positive week and closed last week at $119.61, breaking the $111 resistance. This closing created significant appetite for LTC bulls. It is stated that the $128 level is a significant resistance point for LTC, which rose to $122 during the day.
The analysis included the following evaluations:
“The market is expecting a break of the 23.60% Fibonacci level and the upside price target is projected to be $218.”
According to the analysis, if the resistance level at $128.16 is broken and a sustained move above this level is achieved, a potential rally may begin for LTC. In the event of a rally, Litecoin’s next target could be $218. If LTC breaks $218, it could target $300. On the other hand, if selling pressure increases, LTC could pull back to $100.
Looking at historical data, sideways movements in LTC’s price trend over the past two years have generally resulted in an uptrend.
