Litecoin is currently trading at a six-week high of $125 after succesfully breaking above the $119 level of resistance.
The 20th largest cryptocurrency by market cap, which is available to purchase on the Coin Rivet broker, now needs to avoid a dreaded lower high below $149.
A lower high below that point would confirm the macro downtrend while extending downside targets down to as low as $91 and $70.
However, if Bitcoin can break the $45,000 level of resistance on convincing volume, Litecoin and all of the altcoin market will likely follow with continuation to the upside.
LTCUSD chart by TradingView
According to Coin Rivet’s prices page, Litecoin’s daily trade volume has topped $1 billion in the past 24-hours as capital begins to pour into the altcoin market.
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.
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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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