Litecoin (LTC) is quietly showing resilience on Friday, February 20, amid a choppy cryptocurrency market. According to the crypto analyst BullifyX, the price continues to respect its key support level at $52.80, refusing to break lower despite fluctuations.
BullifyX highlights this as a sign of strength, indicating buyers are defending critical zones and maintaining control, keeping the asset poised for potential upward momentum.
There’s a critical threshold to watch at $57. A clean move past this point has the potential to change the structure of the Litecoin market, setting the stage for further gains.
Traders are watching the breakout point with interest. A move past this point indicates a resumption of bullish sentiment. BullifyX notes that the tight trading range of Litecoin makes the breakout more attainable.
Also Read: Litecoin (LTC) Buyers Defend Support as Recovery Targets $63 Level Ahead
Litecoin (LTC) Could Rally to $100 If Key Support Holds
Among all major cryptocurrencies, Litecoin stands out as particularly bullish. The clear support and resistance levels make it easier to measure risk and reward for traders.
The tight range with clear breakouts makes it easier to understand how to enter and exit trades, providing a clearer path to potential profit as momentum continues to build.
Source: BullifyX X Post
If the bullish run continues, $100 will no longer be an ideal target but a logical one to aim for. BullifyX is advising traders to take their time, being careful in their entries while adhering to technical levels.
LTC is holding its ground at supports, while a breakout is imminent, meaning that the altcoin is poised to rise aggressively in the coming weeks.
Coinbase Boosts DeFi Lending Options with LTC
Apart from this price movement, Coinbase expanded its range of on-chain lending by incorporating the Morpho platform on Wednesday, February 18, by including LTC, along with three other digital currencies, as acceptable collateral.
Users can now avail themselves of loans without selling their assets, thus gaining liquidity while retaining their positions in the crypto market.
This introduction of new types of collateral further emphasizes the exchange’s attempt to merge traditional exchanges with DeFi. The use of the Morpho protocol enables users to access decentralized and non-custodial loans.
This may attract more users who seek liquidity without the need for liquidation. This further shows the need for crypto lending services to help users enhance their state of financial freedom.
Also Read: Litecoin’s 84M Supply Narrative Gains Attention: Will LTC Reclaim $65 This February?