The cryptocurrency market has experienced massive correction following a great rally towards the inauguration of the US president Donald Trump. However, since then the market has faced massive volatility leading to price correction. BTC’s dominance which has also surged to 61.73% has also resulted in decline of many altcoins.
However, Litecoin (LTC0 has expressed potential for rebound after recording over 7% gains in the day. LTC’s gains have outdone BTC which is currently trading at $97,706.06 with a slight upswing of 0.48% in the day.
LTC Is Breaking Out Of The Ascending Triangle
The price of LTC has shown signs for a potential breakout. According to a Feb.10, 2025 post on X by crypto analyst and entrepreneur Carl Moon, “$LTC is breaking out of this ascending triangle as predicted.”
https://twitter.com/TheMoonCarl/status/1888850706402070786
Carl Moon’s analysis follows the awesome Litecoin price performance on the day. He also predicted that LTC is now targeting the $128 mark.
LTC’s current price performance can be owed to excitement resulting from the recent news that SEC acknowledged Grayscales LTC ETF filing. On Feb.6, the US SEC requested the public to share their comments regarding Grayscale’s LTC ETF. This has moved the LTC ETF a step closer to a potential approval in 2025.
If approved, the LTC ETF will provide institutions with a great opportunity to venture into Litecoin with minimal risks. It could result in major inflows fueling the price higher, hence the excitement amongst market participants.
LTC Price Analysis and Technical Outlook
Litecoin is priced at $115.24 according to data on TradingView. The current price indicates a 7.5% in the day and over 18% increase in the last 7 days. As mentioned earlier, LTC is performing better than BTC. If bulls keep getting stronger, the price could push to higher levels.
On the technical outlook, the RSI of LTC reads 53.21. This is slightly above the neutral mark which stands at 50. LTC’s current RSI value signifies a bullish momentum for the coin. However, it is still way far from the overbought level at 70.
Additionally, the MACD is showing slight signs of bullish crossover. If the blue line moves above the orange signal line, upward momentum will be strengthened. If LTC manages to cross the $117 mark, it could test the next resistance at $127 reaching the predicted price of $128. Further upswing could make the price test the strong resistance mark at $147.
If Litecoin fails to maintain the upswing, a plunge could test crucial support at $105. In case further decline is experienced, increased selling pressure might push the price to test the next key support at $98.44. How LTC performs in the next few days will be very crucial for market participants.
