Litecoin Surges 12.9% in a Month, Eyes $140 Target

Litecoin (LTC) has recently shown dynamic price movements, suggesting a potential bullish momentum. Market analyst Ali Martinez has confirmed this upward trend, setting bullish targets for the cryptocurrency in both the short and medium term. According to Martinez, Litecoin's price holding above the mid-level of an ascending channel at $100 could pave the way for a rally towards the upper boundary at $140.

The cryptocurrency is currently trading within an ascending channel on the weekly timeframe, a bullish structure that has kept the price under pressure. Every attempt at recovery has met resistance along the middle trendline, indicating a struggle between bulls defending significant support regions and bears maintaining control over short-term movements. The tighter the price moves within this channel, the more imminent a decisive move becomes. Holding above the $100 mark is crucial, as it would signify an upcoming upward movement.

Litecoin's price has shown resilience, currently hovering at $94.37, up 1.2% over the past 24 hours. Over the past seven days, two weeks, and one month, the price has increased by 8.4%, 8.7%, and 12.9% respectively, demonstrating sustained bullish momentum. The formation of a bullish flag pattern, as noted by Martinez, suggests that the price is stabilizing and preparing for another uptrend. With its recent strong market performance, Litecoin is expected to continue surging towards the $107.05 and $110.60 resistance marks, which are both the TP1 (Take Profit 1) and the upper boundary of the current middle trendline. These marks also align with the upper border of the buyer zone, making them natural targets for the next movement.

The current price action indicates that Litecoin is poised for a bullish comeback. The middle trendline of the ascending channel has acted as strong support, backing recent bullish attempts and reinforcing the overall uptrend structure. With the asset's price holding above crucial support and confirming the ascending channel pattern, Litecoin remains bullish and is expected to continue its upward trajectory towards $110 and beyond. According to the analyst's forecast, Litecoin is ready to hit $140, marking a significant milestone in its price journey.