Litecoin Surges 2% to $86, Eyes $96 Target Amid Golden Cross Formation

Litecoin's price has recently shown significant bullish momentum, closing above $86 and triggering a trendline breakout. This movement has sparked optimism among analysts, who are eyeing a short-term target of $96 as the cryptocurrency approaches a Golden Cross formation on the weekly timeframe. The Binance long/short ratio has surged past 2.3, indicating growing trader conviction in Litecoin's price rally.

Litecoin's price has reclaimed bullish momentum after closing above $85, with current levels slightly near $85.70 on June 30. This daily close above a major resistance trendline has sparked hope among analysts, with forecasts of a short-term breakout to $96 and perhaps a long-term explosion to $170. Litecoin is emerging as a leading altcoin candidate for the next rally phase.

The daily lower high trendline breakout has greatly enhanced Litecoin's technical framework. According to an analyst, Litecoin price rallied over a falling wedge breakout with a significant daily close above $85. The recent short-term LTC price move has negated the prior bearish formation and has unravelled the way to the next target, $96.

Moreover, the daily chart now shows Litecoin price holding firm between the $84–$86 range, which has flipped into support. The next major resistance level, as noted by the analyst, is $96, with $80 representing a critical support floor. A breakout of the $96 level would probably open the way to the zone of $112 as the next horizontal resistance area.

While short-term charts point to a move toward $96, a macro analyst has highlighted that Litecoin price is approaching a rare Golden Cross on the weekly timeframe. It is characterized by the 50-week moving average rising above the 200-week MA, which in the past has been followed by massive rallies. In 2017, Litecoin price surged 700% from local lows before the Golden Cross confirmed. Similarly, in 2021, it rose 450% before the crossover. The analyst observed that this crossover may occur within a few weeks, depending on a sustained rally of its present levels.

Such a trend is especially significant since it supports the trend on a greater time scale. If LTC price maintains its pace and clears $96, the weekly Golden Cross would likely form in early July. Therefore, this technical confirmation may draw in institutional attention and create a general run of accumulation, pushing LTC price to $128 and beyond to $170.

In the meantime, an analyst has been able to cite similar bullish strength where the daily close of at least $85 is seen to confirm a shift in trend. The analyst presented a new target range of $160-$170. According to the analyst, Litecoin price has completed its corrective phase and is now initiating a bullish impulse wave. This stage traditionally delivers violent upside after the breakout form is established, with the price activity resembling previous phases of expansion in 2020 and 2021. In addition, the alignment of long-term technical signals like the Golden Cross and near-term breakouts above key resistances lends support to the analyst’s thesis.

Strengthening the bullish case, data demonstrated a flip in trader sentiment in favor of long positions. The LTCUSDT long/short ratio increased significantly since June 28 and ended with 2.3 on June 30. This increment suggests that traders are getting more confident about a further price increase. Moreover, the ratio was already close to parity earlier in the week, indicating indecision. Nevertheless, the upward break of above $86 seems to have tipped the market in favor. These rising levels of concentrated long positions indicate the traders are getting ready to break out above $90, and the focus is on the range of $96 to $112. Notably, when this increasingly long ratio is accompanied by increasing open interest and volume, the market may induce a short squeeze or acceleration to the upside. This development would validate both technical and sentiment-based outlooks for Litecoin price in early July.