Litecoin is currently trading just below the psychological level of resistance at $200 after bouncing from overnight lows of $190.
The world’s ninth largest cryptocurrency, which has fallen down the rankings this year in light of DeFi’s rise, remains in a bullish posture on higher time frames despite presenting some warning signs in the short term.
Since breaking above $58 in Q4 of 2020, Litecoin has consistenetly formed higher lows to against its USD trading pair to suggest that a clear uptrend was in action.
It then formed a yearly high of $249 in February, however investors will be concerned at the recent high on March 13 failing to breach the $229 level of resistance.
Trade volume has been steadily decreasing since the recent high, demonstrating that bullish momentum is beginning to taper off following a three month period that has seen Litecoin’s value increase by more than 150%.
Whilst volatility has retracted over the past few weeks, it seems as though as major move it on the cards with all momentum indicators having reset.
However, much of it will depend on the trajectory of Bitcoin, which in itself is struggling to sustain momentum following this month’s record high of $61,800, with it currently trading at $57,000.
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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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