Litecoin is reinforces its bullish narrative after forming a new yearly high at $181 during yesterday’s trading session.
While it seems to be mimicking the upside moves of Bitcoin, Litecoin has performed far better than a number of other altcoins as it begins to take aim at its previous all-time high of $415.
At the time of writing Litecoin is trading at $171, which is staggeringly 113.96% higher than this time last month when it was at $85.
There is a historical level of resistance at $181, this dates back to the 2018 bear market when a rejection prompted a 90% move to the downside.
However, sentiment around the whole industry is clear positive and bullish at the moment, which suggests that Litecoin will more than likely test the $237 level of resistance within the next month.
If Litecoin does face a sell-off it will more than likely consolidate at ar0und $137, which on a macro scale would remain a clearly bullish sign.
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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