Lighter (LIT) price shoots up 55% after perfect retest

The Lighter (LIT) price is showing impressive figures. Since an earlier entry point, the price has already risen by more than 55% and the move does not appear to be over yet. On the 12-hour chart on Bybit, it is clearly visible how the price recently broke above a strong resistance level around $1.80 and then made a sharp spike upwards of more than 55%.

Lighter is available at OKX and Bybit.

Cup and Handle Pattern Laying the Foundation for the Rally

Looking at the chart, a classic cup and handle pattern is visible, forming over the period from February to June. The bottom of the cup lies around $0.80 to $1.00, and the resistance zone is located at approximately $1.30 to $1.40. After breaking through that zone, the price accelerated towards $1.80 and higher.

Analyst @AltCryptoGems points out that the flip and retest of the key level went almost perfectly. That is precisely the kind of setup traders wait for: a level that first acted as resistance is tested as support, and the price then bounces up with force.

LIT Continues to Rise After Breakout

At the time of writing, the chart shows a peak of more than 56% in a single 12-hour candle, indicating how explosive the move is. The price is currently around or just below $2.40 after the peak, which is still well above the entry point of $1.80.

Whether the rally continues cannot be guaranteed, but the technical setup looks strong. The cup and handle structure offers a clear price target that could be significantly higher based on the depth of the cup. Traders are now watching the $1.80 zone as an important support level in case a correction occurs.