CandleFocus Litecoin Eyes $233-$280 as Bullish Momentum Breaks Key $120 Resistance
2024-12-03
Author: Content Editor
Litecoin is showing bullish momentum as it attempts to break above long-standing resistance levels. The cryptocurrency has seen a notable price surge of 13% within a week, indicating growing buying pressure. The breakout above $120 has reversed its previous negative trend, and analysts believe it could lead to an upward trajectory towards Fibonacci-based targets. CryptoBullet's analysis integrates Fibonacci extensions, placing the target level at $233. The structure aligns with historical price behavior and the breakout momentum. The breach of a descending trendline and strong weekly candle sizes further support the upward trajectory. A measured move projection suggests a continuation of the upward trend, with a base formed during Litecoin's consolidation phase now supporting the ongoing rally. The $233-$280 target zone acts as a critical resistance range, and breaking this zone could unlock further upside potential. Overall, Litecoin's current momentum reflects a substantial bullish reversal and reignited investor interest.
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