Litecoin

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/litecoin-breaks-100-barrier-as-crypto-market-rallies">Litecoin Breaks $100 Barrier as Crypto Market Rallies</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/europes-oldest-crypto-fund-founder-criticizes-bitcoin-as-meme-coin">cryptocurrency</a> market began the week on a high note as <a href="https://en.bitcoinhaber.net/bitcoins-volatility-surge-a-glimpse-into-the-future-of-crypto-markets">Bitcoin</a> soared to $72,000, marking a new milestone. The upward momentum spilled over to the altcoin sector, lifting various digital currencies, including Litecoin, which achieved a significant price surge. Litecoin, specifically, saw a 20% increase during the day’s trading, propelling its value beyond the $100 threshold, challenging a two-year-long horizontal resistance trend.</p> 
<h2 id="litecoin-s-market-movement">Litecoin’s Market Movement</h2> 
<p style="text-align: justify">Litecoin, designed to deliver quicker transaction confirmations and a more streamlined <a href="https://en.bitcoinhaber.net/bitcoin-miners-reduce-reserves-as-market-dynamics-shift">mining</a> procedure, is often compared to Bitcoin as the digital silver to its gold. The token’s latest rally commenced after bouncing off the $63 support level, coinciding with the lower boundary of an existing symmetrical triangle pattern on the charts.</p> 
<p style="text-align: justify">Influenced by this technical formation, Litecoin experienced a 66% price increase over a span of seven weeks, ascending to a current value of around $105. This ascending trajectory is now testing the upper resistance of the triangle pattern, potentially foreshadowing a fresh uptrend for the cryptocurrency.</p> 
<h2 id="insights-from-analytical-observations">Insights from Analytical Observations</h2> 
<p style="text-align: justify">Technical analysis of daily charts showcases a prominent bullish candlestick breaching the overarching trend line by a significant margin. Data from Coinglass, a derivative market analytics firm, revealed that Litecoin saw short positions worth $2.17 million liquidated. If the breakout holds, it could conclude the two-year horizontal pattern and grant buyers the momentum needed for sustained growth. Analysts point to a potential target of $200 should the breakout persist, while a withdrawal from the resistance line might prolong Litecoin’s sideways price action.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/litecoin-breaks-100-barrier-as-crypto-market-rallies">Litecoin Breaks $100 Barrier as Crypto Market Rallies</a></h5>

Litecoin Breaks $100 Barrier as Crypto Market Rallies

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