Litecoin is rapidly approaching its yearly high of $229 as it begins to set its sights on its all-time high of $420 that was printed in January, 2018.
The industry’s eighth largest cryptocurrency by market cap is currently trading at $225 after surging by 10.5% overnight.
It has shown positive correlation with the price action of Bitcoin, which formed a stunning new all-time high of $51,800 this morning.
If Bitcoin continues to surge into the $55,000 region before the end of the month, Litecoin is expected to break out above the $237 level of support that dates back to February 2018.
During the ongoing recent bull market we have seen the rotational nature of digital assets, Bitcoin often leads the way, forming new highs before capital flows into altcoins once it consolidates.
Litecoin, however, has bucked this trend somewhat, with it mirroring Bitcoin’s price action as opposed to that of Ethereum, Chainlink or Bitcoin Cash for example.
While warning signs of a potential reversal are still there, what may happen if Bitcoin continues to the upside is a decoupling of altcoins from their respective BTC trading pairs, this would see individual altcoins rally while others falls in a similar way to how the traditional stock market operates.
If Litecoin is to correct to the downside, historic levels of support remain at $182, $166 and even as low as $137.
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Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It is a fork of Bitcoin, with the main difference being a smaller block generation time. The protocol also increased the maximum number of coins and implemented a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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