Litecoin price rose above $94 on Sunday as the cryptocurrency picked up some gains following the dump to lows of $91 on Friday.
While the gains are modest and LTC is still over 5% in the red on the weekly chart, the positive trend in the past 24 hours highlights the potential for bulls to successfully retest the key resistance zone above $96.
LTC price prediction after Litecoin Foundation and Metalpha partnership
To strengthen the short-term bullish outlook, bulls need to retest and break resistance at the middle line of the ascending channel (daily chart). That means moving to the price range between $97 and $100. The channel’s upper trendline offers resistance around $110.
As predicted last week, LTC price could see a 40% jump if it breaks the $100-110 confluent zone, with potential gains to above $130.
Helping this positive short-term outlook could be the resilience in the broader crypto market as Bitcoin attempts to hold major support above $23k, with a retest of $25k possible.
More than that, it could be the bullish outlook from the likely institutional pull of Litecoin, particularly following this week’s partnership with Nasdaq-listed wealth manager Metalpha Technology Holding Ltd (NASDAQ: MATH.)
The partnership could prove pivotal for Litecoin miners as well promote the adoption of LTC as a global payment network. This is because Litecoin will collaborate with the crypto-focused firm to promote sustainable mining and offer hedging solutions for miners. The plan is to lower carbon emissions amid a push for renewable energy.
Metalpha will also help bring financial derivative products to the Litecoin network, the Litecoin Foundation said in a press announcement.
The bullish perspective might however be undone if LTC/USD moves lower and break support at $90.
As seen in the daily chart above, the 50-day exponential moving average (EMA) currently provides an immediate buffer zone.
If price penetrates this level on the downside, LTC could drop to the $80.38 line, below which the 200-day EMA is at $78.52. December 2022 lows around $63 is another key level that bears might be eyeing.
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