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However, as the price has been rising again in the past week, bulls have another chance to retest the latest resistance, which if surpassed, could reverse the current downtrend.
Momentum indicators are positive for LTC as the MACD shows that negative readings have been steadily decreasing. Moreover, the Relative Strength Index (RSI) has moved above the signal line.
This is a bullish setup that could propel the price to retest the trendline resistance a second time. Hence, the near-term target for LTC is around $128, which translates into a 6.8% upside potential for the token.
Meanwhile, a break above the trendline resistance would soon encounter another key resistance level at around $135 per coin. If the price breaks above that, the downtrend will be in full reverse mode and LTC could be poised to rise above its December 2024 high as a result.
Litecoin’s Network Capacity Nearly Doubles
According to data from BitInfoCharts, since the November 4 election, the Litecoin network’s computing power has almost doubled, moving from 1.2204 to 2.296 petahashes in less than four months. Comparatively, the network’s capacity expanded by just 34% in 2024.
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