Litecoin is currently trading just shy of the $110 level of resistance after a 13.7% bounce over the past 10 days.
The industry’s 21st largest asset by market cap remains in a troubling downtrend on all higher time frames in spite of signs of promise in the short-term.
If Litecoin can rally and begin to close daily candles above the $119 level of resistance, it would begin to form the hallmarks of a bullish reversal.
However, the most notable level of resistance is at $144. If Litecoin can begin to trend upwards and break above that in the coming weeks and months, it should eventually make an all-time high before the end of the year.
If the market begins to take a turn to the downside, Litecoin needs to ensure it continues trading above $90 to alleviate fears of it thrusting into a gruelling bear market, which would bring in price targets as low as $50.
Much of it will depend on the direction of Bitcoin, which is currently trading at $40,700. If Bitcoin breaks below the $37,300 level of support the entire market is expected to crumble, although this will be reliant on macro economic news and developments in the Ukraine and Russia conflict.
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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