Litecoin has seen a strong 6.14% price surge over the past 24 hours, lifting the token to $94.99 based on the data provided. This bounce comes after a period of rangebound trading for LTC, with the price up just 0.29% over the past week. Zooming out further shows the broader technical picture remains constructive for Litecoin, with gains of 7.29% and 6.86% over the past month and 6 months respectively.

Today's 6.14% single-day increase indicates bullish momentum is accelerating for LTC again following its recent consolidation. Litecoin maintains its position as the 8th largest cryptocurrency, with a market capitalization now standing at $6.72 billion. Trading activity is robust, with 24-hour volume of $485.21 million highlighting significant interest in the token.

Analyzing the percentages shows Litecoin staged a bullish breakout from its trading range today, positioned for further upside after gathering strength. The quick swing from sideways to positive momentum reflects the speed cryptocurrencies can see changing conditions.

For traders, some key insights on Litecoin's price action include:

• Breakout above $94 signals the end of the recent rangebound period
• Buying pressure spiked today, driving the 6%+ price surge
• Longer term uptrend remains intact, with continued higher lows and highs
• Consolidation periods help establish foundations for the next leg higher
• LTC remains vulnerable to volatility amid speculative crypto trading

Moving forward, the focus will be on Litecoin holding above the $94 breakout level and extending gains in the short term. LTC appears poised to challenge resistance around the $100 level if bulls can maintain control.

Can Litecoin Rally Back to $100 Soon?

After breaking out above $94, Litecoin looks well positioned for a move back toward the psychologically key $100 level in the near term. For the past two weeks, LTC found support near $90 and faced resistance around $94, unable to break out.

With today's surge above the range top, Litecoin looks likely to embark on a rally toward the next area of resistance around $100. This would represent a new 2022 high if LTC can achieve it.

However, failure to hold the $94 breakout on a closing basis risks giving up the recent gains. In that scenario, Litecoin may drift back into its prior trading range between $90 and $94 for a period of continued consolidation.

Key LTC Indicators to Monitor

To gauge the sustainability of the breakout, traders will be keeping an eye on these technical metrics:

• The 50-day moving average - LTC closing above it signals an uptrend
• RSI level on the daily chart - Above 50 indicates bullish momentum
• Trading volume - Rising volume adds confidence to a breakout
• Horizontal support and resistance - LTC needs to hold $94 and challenge $100
• MACD crossover - The MACD line crossing above signal line suggests building upside momentum

What Is the Correlation Between Litecoin and Bitcoin?

Due to its status as one of the earliest altcoins, Litecoin's price action has historically maintained a relatively high correlation with Bitcoin's price movements. This relationship has weakened slightly over recent years as the crypto market matures. But over long timeframes, LTC still tends to follow BTC's booms and busts.

For example, Litecoin hit its record high price in December 2017 and bottomed out in December 2018, closely matching Bitcoin's peak and trough during that period. More recently, the 60-day correlation between the two has hovered around 0.7, still indicating a strong positive relationship.

This means when Bitcoin is in an uptrend or downtrend, Litecoin is likely to follow suit. Traders can use BTC's price action to get a broader view of where crypto sentiment is heading. However, LTC does have periods of divergence, so it's important to analyze its technical indicators individually as well.

In summary, Litecoin staged a bullish 6% breakout today, signaling its recent rangebound period is likely over. LTC appears primed to rally back toward the $100 level in the near term if key support around $94 holds. Its price continues tracking Bitcoin's broader movements, given their longstanding correlation. Traders may view any short term LTC pullbacks as potential buying opportunities within its larger uptrend.