Trader and analyst Christopher Incks believe that Litecoin (LTC) will show significant growth in the next few weeks. In his view, the price of the altcoin is ready to challenge above around $400.
According to the broker, a break above $110 will mean that LTC will reach at least $129,441. He added that the target is around the reversal zone of the first weekly resistance level.
Remember that currently, the altcoin is trading at $92.45 with a daily increase of 1.2% (data from CoinGecko).
This change took weekly strength to 14.13%. In addition to rising against the dollar, LTC managed to strengthen against the two market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.28% and 1.76%.
Last Wednesday, the price of LTC broke through the resistance level of $91.56 to close the daily trading session at $93.88. However, the next day, the price of another altcoin fell below $91.56 and ended at $90.43.
After that, the Litecoin price is still closing above the $92.42 level. Today will be an important day to determine if the price of SLD will continue to increase in the next 24 to 48 hours.
A move above $91.56 will turn the level into support and open the way for a rally to $100.89 in the next few days. On the other hand, today’s close below $91.56 could put the altcoin at risk of falling to the 20 EMA mark at $87.73.