It seems to be correlating closely with Bitcoin’s price action, although it did print a lower high at $117 on Wednesday.
It is now the eighth largest cryptocurrency by market cap after being leapfrogged by Polkadot, Chainlink and Cardano in recent weeks.
LTCUSD chart by TradingView
A key level of support remains at $122, but if that breaks with a daily candle close below it will likely slump back to its previous level of resistance at $93.
If, however, it can enjoy a period of bullish momentum, it could target the $137 level of resistance before potentially looking towards $165.
For that to happen it would need a healthy injection of trade volume, with it currently averaging around $6 billion per day compared to more than $18 billion before the turn of the year.
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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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