Litecoin price reached $110 on Friday, its highest level in over nine months.
A popular crypto analyst says the macro downtrend for LTC may be over.
Litecoin (LTC) currently trades around $104. But earlier in the day, LTC price hovered just above $110, its highest level since last July.
LTC price reached an all-time high of $410 in May 2021. While current prices remain way off that peak, Litecoin’s latest bounce sees analysts predict what could be next.
Litecoin touches $110: Is LTC set for vertical gains?
Before LTC soared more than 15% on Friday, bulls had found it hard to break the psychological $100 level.
Now with price hovering above the mark, a popular crypto analyst says Litecoin price could extend gains if bulls achieve a monthly close at $122.
“$LTC needs to Monthly Close above the orange resistance ($122) & turn it into support like in 2020/2021 (green circle) to build on its recent Macro Downtrend breakout. Monthly Closing above $122 has historically been a recipe for success for #Litecoin uptrends,” Rekt Capital shared via X.
Before the breakout on Friday, Rekt Capital had noted that LTC could consolidate above $94 amid a new macro uptrend.
Litecoin has pumped in recent weeks amid an overall bullish outlook for crypto.
The news that Coinbase was looking to add Litecoin futures trading and CFTC’s reference for LTC as a commodity also added to the positive outlook.
LTC is likely one of the altcoins to watch. Notably, Bitcoin’s potential to explode in coming months amid the halving catalyst is adding to LTC sentiment.
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