• Litecoin is trading at $95.87, having a market volume of $1.23 billion and a market cap of $7.33 billion.
• Residing above the current level of demand could send prices above $100, while a break could result in prices around $84.
• The enormous 800% rise in Zcash could be an indication of the capability of LTC to experience the same, perhaps retesting the high at $415.

Litecoin (LTC) is showing renewed strength, trading at $95.87 with a 24-hour volume of $1.23 billion and a market cap of $7.33 billion. LTC gained 1.98% in the past day, maintaining a 0.19% market dominance, signaling renewed momentum after a solid technical bounce.

Litecoin Eyes Potential Rebound Toward $100

A post by CryptoPulse indicated the LTC rebound was exactly at the first level of demand identified above, indicating the beginnings of new purchases. The post indicated the price of LTC would likely move towards the $100 level as long as it stayed above the first level of demand identified above.

However, CryptoPulse suggested that if the Litecoin price fails to support at this crucial level, then the support level for it may be near the Demand Zone 2 at approximately $84. Currently, LTC’s strength above the support level ensures that hopes for a bullish trend are still intact, despite the uncertainties in the market.

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Litecoin-Zcash Correlation Adds Bullish Hint

Notably, Zcash (ZEC) made the headlines after breaking the May 2021 cycle top and increasing by over 800% in two months. However, ZEC and LTC have shown a close price correlation, often moving in similar directions. Data shows that whenever the two coins diverge, they eventually align again, with one catching up to the other.

If the pattern repeats, Litecoin could be getting ready for a major bullish move, likely to retest the former cycle high at approximately $415. A move like this would indicate the beginning of the recovery phase since the pattern indicates that Litecoin moved according to the momentum started by Zcash.

However, Litecoin is currently still at a critical level where it’s caught between a short-term breakout at $100 and perhaps a retest at the lower levels. With the established correlation between Litecoin and the actions of Zcash, Litecoin’s next move could unfold quickly, if the overall crypto market maintains its steady.

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