Litecoin is currently trading at a six-week high of $125 after succesfully breaking above the $119 level of resistance.
A lower high below that point would confirm the macro downtrend while extending downside targets down to as low as $91 and $70.
As it heads into the typically low-volume weekend, Litecoin needs to ensure it continues to trade above $119 in order to establish it as a level of support, a daily close below this point would signal a short-term trend deviation which will likely take price back down to the $105 level of support.
All global markets continue to act delicately in spite of renewed optimism in stock market indicies. The S&P500 has bounced violently this week, but as it approaches a key level of resistance investors may begin to de-risk.
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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