- Litecoin price has rallied for four consecutive weeks in a row.
- LTC could rise toward the 200-week moving average at $100.
- The uptrend’s health depends on the untagged $68 support zone remaining unbreached.
Litecoin price has more bullish potential up its sleeve as bulls hone in on key levels above. Still, risk management should be the focus for investors looking to enter the trend.
Litecoin price continues to rise
Litecoin price continues to challenge retail bears as the peer-to-peer digital currency is up 23% on the month. Last week, the LTC price conquered 12 bullish grounds by breaching November’s monthly high in the process. The surge was the fourth consecutive week of positive returns for the LTC token. If the bullish momentum persists, the Litecoin price could be valued at $100 in the very near future.
Litecoin price currently auctions at $86.41. The 200-week moving average, an indicator used to gauge long-term trends, currently hovers at $100. The indicator has remained unacquainted with the LTC since April 2022, when the bears pierced the barrier during a 56% downswing into the $40 price zone. A hurdle above the indicator could be the signal to sidelined bulls to reconsider treating the LTC price as a long-term investment rather than a short-term swing trade.
LTC/USD 1-Day Chart
A spike above $100 could enable a further rise as high as $138 at the 61.8% Golden Fibonacci Retracement level. The levels were extracted from November 2021’s swing high at 281 into the $40 lows in June 2022. The LTC price could rise by 60% if the bulls were successful.
Invalidation of the trend depends on the descending parallel channels’ median line at $68 remaining unbreached. Traders should keep in mind that as time progresses, the market median line will continue to descend, adding more risk to the downside in the coming weeks. Ultimately, the $40 lows would be in jeopardy if the median line were pierced.