Litecoin is currently trading at $133.70 as it seeks a bullish resolution from its ongoing period of consolidation.
The world’s 20th-largest cryptocurrency by market cap has experienced a significant uptick in trade volume over the past 24-hours, with $1.4 billion being traded across all exchanges – a 46.62% increase on the previous 24-hour period.
This suggests that, despite a 26.62% move to the upside over the past week, interest in the asset remains high as investors look to take out the $144 level of resistance.
A swift move above $144 with a daily close would confirm a bullish breakout, with upside price targets beginning to emerge at $152, $166 and $181.
Much of it will also depend on the direction of the wider cryptocurrency market itself, with Bitcoin currently trading within a wide range between $43,000 and $45,800.
If Bitcoin breaks the $43,000 level and heads back to $41,500, Litecoin is expected to follow the trend with a slide back down to test the $119 level of support.
If the $119 level can be established as a crucial level of support, Litecoin will become bullish for the rest of February following a poor performance in December and January.
A breach of that level will mean this current move has been a rather gruesome bull trap, which would cause a resumption of the macro downtrend down to as low as $55.
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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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