Despite the heavy drop in price caused by the Terra collapse and the fallout from FTX, Litecoin has shown impressive strength in recent times. The token has managed to recover its losses by the end of 2022 and is now on the verge of breaking through a crucial 3-digit resistance level. Analysts believe that a successful breakthrough could trigger a significant bull rally ahead.
The market sentiment surrounding Litecoin has grown increasingly positive, and social and market activity for the token has risen substantially. Recent price action has seen Litecoin bounce from horizontal support that coincided with the 200 EMA, with the next resistance level above $100. A successful breakout above this resistance would be highly bullish and could signal a continuation of the current upward trend.
