Litecoin Surges 24% in a Week; Can LTC Price Reach $150 Soon?

Litecoin Price Surges 24% in a Week; Can LTC Price Hit $150 Soon?

The Litecoin price today has jumped over 5% with a trading volume of $981.16 million. This surge comes despite increased bearish price action with Bitcoin price struggling below the $100k mark. The Litecoin price has maintained its bullish momentum by breaking out of its important resistance level in the daily time frame, suggesting an increase in the bullish action for the altcoin.

The Relative Strength Index (RSI) records a sharp rise in the daily time frame with its average trendline experiencing a bullish crossover. This suggests an increase in the buying-over-selling pressure for the altcoin in the crypto space. Additionally, the SMA indicator displays a positive convergence in the Litecoin price chart, highlighting a positive outlook for the 19th largest crypto token this week.

Maintaining the price above its support level of $109 could set the stage for the price of Litecoin token to retest its resistance level of $128.25. Furthermore, if the bullish sentiment sustains, this could push the price of this altcoin toward its upper resistance level of $147.25 this month. However, if the bears outrun the bulls, the price could retest its immediate support level of $109. Moreover, if the bears dominate the crypto market, this may pull the price toward its lower support level of $100 in the coming time.

If the bulls regain momentum, the Litecoin price could reach a maximum trading value of $200 this year. With increased adoption, this altcoin could range between $402 and $528 during the year 2030. The all-time high (ATH) of Litecoin (LTC) token is $412.96 and was recorded on 10th May 2021.