Bitcoin News Today: Litecoin's Pivotal $101.50 Hurdle: Breakout or Backlash?

Litecoin (LTC) is testing critical support near $96 while traders fixate on the $101.50 level as a potential catalyst for a breakout. The cryptocurrency, which has historically mirrored Bitcoin's price action, has seen renewed technical analysis highlighting multi-year accumulation patterns and potential catalysts for a rally. With Litecoin trading near its 2021 all-time high of $386.45, analysts are debating whether current conditions could evolve into a meaningful uptrend or a temporary consolidation phase.

Recent 4-hour chart analysis by trader @mr_uponly on TradingView has drawn attention to a key resistance level at $105, which Elliott Wave practitioners view as a critical inflection point. A breakout above this level could signal the start of an impulsive phase, while a failure to hold $96 might trigger a deeper correction. The asset's price has oscillated between $96 and $103 in recent days, reflecting heightened sensitivity to broader market sentiment and Bitcoin's performance. Community reactions remain divided, with some bullish traders citing historical precedents from 2017 and 2021-when Litecoin broke out of multi-year ranges before surging 5x–10x-while skeptics warn of potential 20–30% retracements even in a bullish environment.

On the weekly chart, Litecoin has shown persistent buying interest near the $90–$95 range, marked by repeated long wicks indicating strong defensive positioning by buyers. This pattern has led some analysts to draw parallels with past accumulation phases that preceded major rallies. However, confirmation of a breakout would require sustained volume and a clean close above $105, which has not yet materialized. Changelly's price prediction models suggest a potential move into the $100–$125 range by month-end, contingent on Bitcoin's stability and Litecoin's ability to avoid prolonged dips below $96.

Daily price action underscores Litecoin's tight correlation with Bitcoin. After closing bearish at $99.94 on November 16, LTC fell to $96.50 the next day as Bitcoin traded near $95,320. Analysts have identified two pivotal levels: $101.50 resistance and $91.50 support. These zones have historically acted as decision points, with traders closely monitoring whether LTC can secure a weekly close above $101.50 without slipping below $96.

Long-term projections vary widely. Market analyst Knight has proposed a $400 target under favorable conditions, while Flowstate Trading suggested $140 as a more realistic goal if broader crypto sentiment improves. The speculative $650 target, popularized on social media, remains contingent on multiple factors, including a multi-week breakout above $105, sustained Bitcoin strength, and elevated volume confirming a trend shift.

As of November 17, Litecoin traded at $96.97, down 4.55% in the last 24 hours.