Litecoin Monthly Close Above Key Resistance Could Ignite 30% Rally - Is A Breakout Coming?

As Litecoin (LTC) tries to break out of a bullish pattern, an analyst suggests that a monthly close above its key horizontal zone could propel the price to levels not seen since the 2021 bull run.Litecoin Attempting Key BreakoutLitecoin has seen a remarkable 63% rally from April’s lows over the past month and a half, surging above crucial levels in the past few weeks. Just this month, the cryptocurrency has recovered the $80 and $90 support levels and attempted to reclaim the $100 barrier again.Fueled by the market recovery and Bitcoin’s rally past the $100,000 mark, LTC hit a two-month high of $107 nearly two weeks ago. Since then, the altcoin has struggled to hold the $100 mark.However, analyst Carl Runefelt from The Moon Show recently suggested that Litecoin “is about to pump.” The analyst highlighted a bullish pattern on LTC’s chart, which could see the cryptocurrency rise 20% toward the $117.5 mark for the first time since early March.According to Runefelt’s chart, the cryptocurrency formed a bullish flag pattern after hitting its two-month high. Since then, LTC has hovered between the upper and lower boundary, bouncing once before from the support line toward the pattern’s resistance line.Earlier this week, Litecoin bounced again from the support after touching the $92 level, which led the analyst to suggest it has “every chance to break out of this bullish flag to the upside.”On Friday, the altcoin jumped 11% from the pattern lows, briefly breaking out and hitting the $102 mark before retracing to the $96 mark. The cryptocurrency now hovers between the $98-$99 levels, just 1% below the pattern’s upper boundary.A surge above this level to confirm the breakout could set the stage for the pattern’s $117.5 target and mark a significant push toward a key horizontal level.LTC Preparing For Rally To $150?Analyst Rekt Capital pointed out that Litecoin needs a Monthly Close above its key resistance level to target the $150 mark and above. He highlighted the $110-$125 horizontal level, explaining that LTC “spends most of its time below it and very little time comparatively beyond it.”The analyst noted that since 2019, the rejection from this resistance level has been getting “progressively weaker over time to the point where only a couple of months ago, LTC tried to retest this region as support” during the early 2025 rally.Despite failing to reclaim this level, this could suggest that the resistance is “struggling to hold price down,” which is why the next breakout above this area could signal that “the chances of a successful retest are high.”Moreover, the weakening of the resistance could be partly attributed to its multi-year Marco Higher Low, as Litecoin has bounced from the ascending trendline toward this resistance each time it has been retested.Based on this, the analyst considers that a Monthly Close above the key horizontal level, followed by a retest to confirm the breakout, would give the necessary strength for a 30% rally above the $150 mark for the first time since 2021.As of this writing, Litecoin trades at $98.60, a 2.7% decline in the weekly timeframe.Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC