Litecoin Surges 15% Overnight, Bulls Eye $160

LITECOIN PRICE ANALYSIS & PREDICTION (January 30) – LTC Resurges 15% Overnight Amid Fresh Market Increase, Bigger Break Ahead

Litecoin's LTC has joined other altcoins in the green today, following a 3% increase in the global market cap. The price has shown resilience, bouncing back from a two-week low and gaining 15% overnight. This surge comes amidst a broader market recovery, with LTC finding support above $106 and closing yesterday strongly.

The bulls have since taken control, aiming to regain dominance on a daily scale. A strong close above the monthly high could signal further recovery. However, the bears are not yet defeated, seeking a key resistance level to initiate more drops. The $131 level has posed a threat in recent hours, and if the bears act upon it, we may see another drag down to the important $100 level before picking up again.

Despite the recent reduction, which was a retest of the mid-month surge, there is a conviction for a buy rather than a sell. If such a setup comes into play, LTC should resume its bullish momentum at full speed. The latest strong bounce suggests a fresh increase in the daily timeframe, with a push above the $131.5 resistance validating a shift. The next resistance levels would be $147, followed by a break to $160.

A pull-back level to watch is $120. Below the holding $106 support lies the important $100 level. An extension under this level could dip the price to $92.6 and $87. Key resistance levels are $131.5, $147, and $160, while key support levels are $120, $106.3, and $100.

The spot price of LTC is currently $129, with a bullish trend and high volatility. As always, it is essential to conduct thorough research before making any trading or investment decisions in the cryptocurrency market.