The past two weeks have been quite impressive for Litecoin (LTC) bulls. After hitting major lows in January, the coin has been rebounding sharply. A look at indicators suggests that bullish momentum could push LTC towards $140. Here are some highlights:
After bottoming at $97, Litecoin (LTC) has rallied nearly 30% in a sharp rebound over the last two weeks.
At press time, the coin was trading at $128.50, up by around 2% in 24-hour intraday trading.
The break-out appears quite strong and could realistically push LTC towards the $140 mark in the coming days.
Data Source: Tradingview.com
Litecoin (LTC) – Why the recovery is just getting started
Like most coins, the January sell-off had a huge impact on Litecoin (LTC). The token managed to trade in and out of the $100 mark but finally bottomed at around $97. LTC has however rallied in the last two weeks or so.
It is now nearly 30% up from that level and this bullish breakout is just getting started. We expect bulls to push the price action well above $140 in the coming days. The key now is to watch if bulls will keep LTC above the next support level of $120.
If this doesn’t happen, then it is likely that the coin will slide back to its strong demand zone of $105. But all signs are pointing towards an upward rally. LTC has for example smashed past its 20-day moving average and is testing the 50-day MA as well.
Why you should buy Litecoin (LTC)
It seems like Litecoin is on a path towards full recovery. Although the coin may not hit its 2021 highs in the coming days, it has put together a decent uptrend that could bring back some of the losses reported in January. Besides, from a long-term point of view, LTC has always been a decent buy.
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