Litecoin attempts stunning breakout above $70

Litecoin has surged by 20% in the past 24 hours to become the largest gainer in the top 10 cryptocurrencies

Litecoin has stolen the show this morning with a staggering 20% move to the upside as it tests the $70 level of resistance.

With much of traders’ attention focused on Bitcoin’s potential breakout above $9,500, Litecoin made impressive gains against its BTC trading pair with a clear break above 0.00725 BTC.

A key hurdle for Litecoin is the 0.00765 BTC level of resistance. LTC has not traded above this level since August 2019, with notable rejections coming in September and November.

An initial rejection from $70 will likely cause the Litecoin price to slide over the coming weeks, with a level of support remaining at $59.

Much of this will depend on the upcoming direction of Bitcoin, with May’s halving expected to cause a rally of anticipation.

The Bitcoin halving event will see block rewards for miners slashed from 12.5 BTC per block to 6.25 BTC per block, which has historically caused a hike in the price of cryptocurrencies.

Miners will need to ensure that overheads and expenditure are covered by profits from Bitcoin mining, which means that the Bitcoin price needs to rise in order for the industry to stay afloat.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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