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Litecoin price surges 12% to $120 amid crypto market rally; check forecast - Dinheiro
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Litecoin price surges 12% to $120 amid crypto market rally; check forecast

  • Litecoin price jumped more than 12% to break above $120.
  • Gains came amid a broader crypto market bounce that also saw Bitcoin and Ethereum hit highs of $118,500 and $4,300.
  • ETF speculation, treasury strategy bets and overall macroeconomic conditions suggests LTC price could see a new all-time high in this bullish cycle.

Litecoin (LTC) price has retested the $120 mark amid a broader cryptocurrency market bounce.

As Bitcoin and Ethereum led the significant charge with gains of 5%, LTC saw a more than 12% spike to hit intraday highs of $121.

With sentiment increasingly optimistic amid a landscape likely to offer key tailwinds, Litecoin could be looking at a rally to highs last seen in 2021.

Litecoin price retests key level of $120

Litecoin’s rebound in the past 24 hours and past week aligns with the broader market’s uptick.

On Thursday, as macro factors helped BTC jump above $118,500, LTC saw its own upward flip. BTC price is eyeing the $120,000 mark.

Having broken from lows of $104 on Sept. 30, the altcoin continued higher to extend gains above $110. This saw bulls race to the crucial level of $120, an area likely to offer resistance as bears eye strengthening.

But the double-digit gain of over 12% in 24 hours, accompanied by trading volume spiking to over $1.3 billion, signals bullish strength.

LTC price prediction: How high can Litecoin jump amid ‘Uptober’ sentiment

The cryptocurrency community is buzzing amid calls for “Uptober”, a moniker referencing the cryptocurrency market’s historically bullish October periods.

As LTC targets fresh momentum, bolstered by a broader market cap recovery to $4 trillion, analysts project new multi year highs contingent on key catalysts like ETF approvals and macroeconomic shifts.

Filings for Litecoin spot ETFs from Grayscale, Canary Capital, and CoinShares are awaiting a green light from the SEC. Treasury plays like MEI Pharma are also adding to optimism.

On the technical front, LTC is pointing to a potential symmetrical triangle pattern breakout.

The upper boundary provided notable resistance earlier in the year, and bulls are looking to accumulate near this hurdle.

Successful bounce past this mark highlights a potential explosion to a new all-time high for LTC. Buyers could even set sights on $700-$1.000 in the current bullish cycle. Crypto analyst Captain Faibik shared a similar outlook on X.

This retest at $120 thus serves as a litmus test for whether the current bounce is a fleeting rally or the onset of a sustained uptrend.

If the threshold holds, particularly amid overall market upside, the Litecoin price could eye the first target of $200 in the coming weeks.

The post Litecoin price surges 12% to $120 amid crypto market rally; check forecast appeared first on CoinJournal.