Crypto analysts have revealed that Litecoin (LTC) is showing bullish signals after forming strong support. Although Litecoin was among the worst-performing coins in the last 24 hours, competitors like Solana (SOL), Cardano (ADA), and Ripple (XRP) are seeing double-digit gains after Donald Trump announced that these altcoins will be part of a Strategic Crypto Reserve along with Bitcoin (BTC) in the United States.
Because the president did not specifically mention Litecoin (LTC), investors seemed to sell the coin, often referred to as ‘digital silver,’ in favor of the mentioned altcoins.
According to TradingView data, as such, the LTC price declined 3.82% in the last 24 hours and 5.29% in the previous week. The LTC price is currently $123.36, but it may turn bullish again in the near term.
Litecoin (LTC)’s Technical Setup Signals a Bullish Breakout
Crypto analyst Solberg Invest recently tweeted that the LTC price is confirming support at a critical level, which, if maintained, may lead to a price move upwards.
The chart in the tweet illustrates a triple-bottom formation and a bullish reversal indicator, which signals massive buying interest at lower prices.
This trend suggests that each time the Litecoin price dropped, buyers intervened to halt the fall, thus maintaining a solid foundation for future price appreciation. Furthermore, LTC has broken out of a long-term downtrend, increasing the chances of a sustained rally.
Currently, LTC is testing a support zone that was previously a resistance level. If this new support holds, it will confirm the breakout and set the stage for further gains. However, if Litecoin fails to maintain this level, there could be a temporary pullback before another attempt at higher prices.
The analyst has set a price target of $230, which aligns with previous resistance levels on the chart. The market will closely watch whether buying pressure remains strong enough to sustain this upward trajectory.
Breaking Above $137 Could Unlock Massive Gains
Solberg Invest is not the only cryptocurrency analyst who is bullish on the price of Litecoin (LTC). Crypto analyst CyphrGM has pointed out that Litecoin might have the best-looking chart in the market right now.
In a recent tweet, he emphasized that if the LTC price breaks the crucial $137 resistance, there’s little to stop it from rallying toward $280. For context, the coin is 9.43% away from hitting the $137 resistance level.
The cryptocurrency analyst shared a chart showing LTC forming a long-term ascending trend, with its price now testing a major resistance level. Historically, breaking past such levels has led to sharp rallies, and the analyst believes a breakout above $137 could trigger a wave of momentum buying.
The next key resistance is around $280, meaning LTC could nearly double in value if the bullish setup holds.
According to CyphrGM, once Litecoin clears $137, the market enters what traders call “thin air,” meaning there are no major resistance levels until the $280 region.
READ MORE: XRP Price Prediction as Ripple Avoids Disaster For Now
