- Litecoin is showing bullish momentum and targeting $180.
- Support at $103 is key for continuing Litecoin’s upward trend.
- The price is gaining strength and could grow further if it stays above $103.
Dom, a professional market analyst, predicted bullish trends for Litecoin (LTC) with a target of approximately $180. However, the crypto market has been nothing but constant change, making LTC break much of its considerable resistance levels and now showing evident signs of bullish motion. The price actions show a strong trend upwards because LTC has continued to perform excellently relative to its All-Time High (ATH) Volume Weighted Average Price (VWAP), and analysts feel it can achieve new highs .
But the main obstacle to this bullish outlook is the risk of invalidation, represented by a drop beneath $103. This would greatly weaken any bullish structures, forcing market participants to reconsider their positions.
A Bullish Sentiment Above Key Support Level for LTC/USD
Litecoin, currently trading way above the ATH VWAP, shows strong momentum. In terms of historic background, the recent price formations do not look like a topping formation. Rather, they depict a healthy uptrend. Price tops in past market cycles were restricted, and that pattern is upheld.
The sustained ability of the market to remain above the ATH VWAP without any signs of topping adds confidence to an analyst’s view on further growth potential. Litecoin is still trading strongly above the important support levels, and a rally towards $180 has a chance of becoming reality as this would be a new high for the asset. On the technical side, Litecoin is clearly showing bullish price action over the past months. Bullish chart patterns show that major price resistance levels are being cleared, and the bulls seem to have gained control.
While the price continues on the uptrend, any substantial drop below $103 would put the bullish outlook under considerable risk and call for caution. However, if LTC continues with the current momentum above this support level, the prospects of reaching $180 remain open, and this target could be achieved within the next few months. Dom’s analysis also corroborates this market sentiment , whereby the rallies of Litecoin have strong support from volume and technical indicators.
Key Level to Watch for Litecoin: $103 as the Support Zone
Litecoin could soon hit the price of $180, mainly driven by a very sweet market sentiment gathering heat under bullish price action. Important for traders and investors, however, is the price level of $103, around which transactions would be validated. If LTC stays above this, potential for upward movement seems very concrete, but a fall below would prompt a restructuring of how the market is envisaged.
