Litecoin Surpasses $120 as Growing Momentum Nears Key $124.50 Resistance

Litecoin continues to hold above the $120 level, with growing momentum as it edges closer to a key resistance threshold at $124.50. The altcoin has shown consistent strength over the past several weeks, breaking through critical price levels and drawing increased attention from traders and market analysts [1].

The bullish price channel, defined by support at $111.16 and resistance near $124.50, has been a defining feature of Litecoin’s recent price structure. The support level at $111.16 has repeatedly proven to be resilient, preventing further downward movement and reinforcing the idea of a short-term consolidation pattern [1]. At the same time, Litecoin’s ability to maintain above $120 highlights the strength of buyer participation, as volume and relative strength have outpaced several other altcoins since April [1].

At press time, Litecoin was trading at $122.08, just below the critical $124.50 resistance level [1]. A daily close above this mark could trigger a new wave of buying interest, with the next potential target near $150. However, failure to surpass this level may result in the price remaining within the current range-bound environment [1]. The $124.50 resistance has acted as a ceiling in previous attempts, making a clean breakout a key technical event for near-term price direction.

The growing trading volume and increased participation in perpetual contracts indicate that market sentiment is leaning bullish [1]. Traders are closely monitoring the price action between $111 and $124, as a definitive move beyond either end of the channel could signal a broader trend shift. Short-term traders and technical analysts are particularly focused on the next few sessions to confirm whether Litecoin can break free from its tight range [1].

The weekly performance of Litecoin has positioned it as one of the top-performing large-cap altcoins, with a 10.9% gain in the past seven days [1]. This outperformance has been attributed to renewed interest from speculative and momentum-driven investors. While the broader altcoin market shows mixed signals, Litecoin’s relative strength suggests it may be better positioned to capitalize on the next upward move in the crypto market [1].

Source: [1]Litecoin Holds Above $120 as Price Approaches Key $124.50 Resistance With Growing Momentum (https://cryptonewsland.com/litecoin-holds-above-120-as-price-approaches-ke/)