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.
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.
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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