Litecoin’s 42% rally – How altcoin can eye THIS level for next 14% hike!

Key Points

1. Litecoin (LTC) rallied 42.4% in a month, supported by bullish market sentiment, with Bitcoin (BTC) and Ethereum (ETH) also posting significant gains.

2. A Fibonacci retracement analysis suggests a key support level at $79.88, which was tested in June, and a resistance level at $117 being tested at the time of writing.

3. The Relative Strength Index (RSI) is in overbought territory, indicating potential overextension, but strong buying pressure (reflected in OBV) could drive further gains.

4. The next key resistance levels for LTC are identified at $127.6 (Point of Control) and $133.36 (Value Area High), with a pullback to $100 seen as a potential buying opportunity.

5. Traders are advised to remain cautious due to the possibility of a market pullback affecting LTC's price.