Litecoin is currently trading at $172 following a 11.36% recovery over the course of Sunday’s trading session.
The world’s eighth largest cryptocurrency by market cap is now reinstating its bullish posture ahead of a potential move towards the $182 level of resistance.
The recovery was spurred by a bounce in the price of Bitcoin, which has risen from Sunday’s low of $43,000 to as high as $48,500 over the course of 24-hours.
Despite the wider digital asset market seemingly being on the brink of a correction over the weekend, it now seems to have dusted off those fears following a woeful final week in February.
Litecoin continues to trade considerably below its yearly high of $247 and dramatically below its all-time high of $420, however a macro recovery from this region will likely trigger a bullish month of march for all cryptocurrencies.
However, if Litecoin it rejected from the $182 level of resistance it would form yet another lower high, indicating a significant lack of momentum.
Downside levels of support remain at $154 and $137, with much deeper targets coming in at around $120 and $100.
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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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