Litecoin has surged to a two-week high of $156 over the past 24-hours as it mimics the price action of the wider cryptocurrency market.
The rally comes alongside a rise in the price of assets like Bitcoin and Ethereum, with the latter forming a new all-time high above $1,750 earlier today.
Litecoin has lagged behind the altcoin market of late, putting in three consecutive lower highs as it appears to be showing signs of bullish exhaustion.
However, if Bitcoin can manage to rally over the psychological barrier of $40,000 over the weekend, Litecoin will more than likely break the short-term downtrend before retesting its yearly high of $185.
If Litecoin can manage to break above $185, there is little stopping it from challenging its own all-time high of over the coming months $417 over the coming months.
It’s worth noting that when Litecoin printed its all-time high in January 2018, retail interest in cryptocurrencies was at an all-time high, while this time around the market is driven by a wave of institutional investment.
Digital asset manager Grayscale currently holds almost $200 million worth of Litecoin, indicating that there is some institutional interest there but far less than Ethereum, with Grayscale currently holding $4.59 billion of ETH.
In the event of a market correction, longstanding levels of support for Litecoin remain at $137, $128 and $120, with a deeper target emerging at last February’s high of $82.
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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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