Litecoin price forecast: can LTC mirror Bitcoin to extend gains above $50?

Litecoin price has jumped more than 6% in the past 24 hours as bulls look to extend gains above the $50 mark.

On Wednesday, LTC tapped into the optimism that drove Bitcoin to above $71,000 to rise to intraday highs near $57.

A similar surge saw Ethereum rise to above $2,070, XRP to above $140, and BNB to highs of $650.

On the other hand, Solana touched $90 and Dogecoin $0.92.

The uptick comes despite global markets hitting turmoil amid the quickly escalating US/Israel and Iran war.

Litecoin’s current price action

Litecoin climbed 6% to $56.52 on Wednesday morning, according to data from CoinMarketCap.

The gains, which come amid fresh buying interest in cryptocurrencies, add to Litecoin's recovery above $50, and could help bulls establish bullish momentum.

Bitcoin rebounded to highs of $71,612 as crypto defied weakness across equities.

While analysts warn that the latest uptick could be a trap, the gains allude to overall resilience.

If BTC continues its rally, momentum could help LTC cement its rebound.

Analysts at Binance Research say selling pressure is easing as the US software sector flips positive.

“If BTC successfully transitions from a ‘risk asset' to 'digital gold,’ geopolitical crises may shift to a potential tailwind,” they posted on X.

Litecoin price forecast

The Litecoin network continues to gain traction despite price struggles.

Interest has shown in terms of increased transactions over the past few months.

In the last two months, the network has flawlessly processed over 11.5 million transactions, bringing cumulative totals to over 380 million transactions.

This growth suggests broader utility and resilience could be massive for future price movements.

A potential risk-on revival, with BTC at around $71.5k as of writing, is spilling over, and top altcoins may follow.

Data shows the LTC/BTC pair is up and likely to strengthen if the bellwether digital asset tracks more gains.

Some analysts have noted that Bitcoin may be experiencing a short squeeze.

However, with open interest falling sharply, the unwind may have hit the floor already.

Analysts at QCP shared in a note:

“We expect further turbulence in the week ahead, but crypto has been comparatively resilient: $BTC is holding up better than broader risk, while $ETH remains a useful read-through on higher-beta positioning and liquidity. If digital assets continue to absorb macro stress without cascading deleveraging, that may prove an early tell that risk appetite is stabilising.”

Short-term, LTC could target $75, and potentially $100.

Key to this outlook is Litecoin's return to levels above $60.

Currently, the daily chart highlights immediate supply zones around $61 and $70, marked by the 50-day and 100-day simple moving averages.

The EMAs have previously acted as resistance levels when bulls sought to breach $78 and $95.