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.
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About Litecoin
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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