Litecoin is reinforces its bullish narrative after forming a new yearly high at $181 during yesterday’s trading session.
While it seems to be mimicking the upside moves of Bitcoin, Litecoin has performed far better than a number of other altcoins as it begins to take aim at its previous all-time high of $415.
It is now the third largest cryptocurrency by market cap having leapfrogged XRP, which has struggled to maintain momentum following the recent SEC complaint.
At the time of writing Litecoin is trading at $171, which is staggeringly 113.96% higher than this time last month when it was at $85.
There is a historical level of resistance at $181, this dates back to the 2018 bear market when a rejection prompted a 90% move to the downside.
However, sentiment around the whole industry is clear positive and bullish at the moment, which suggests that Litecoin will more than likely test the $237 level of resistance within the next month.
If Litecoin does face a sell-off it will more than likely consolidate at ar0und $137, which on a macro scale would remain a clearly bullish sign.
As Bitcoin continues to form new all-time highs, altcoins like Ethereum and Litecoin will continue rally if Bitcoin can begin to build a consolidation pattern.
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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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