Litecoin (LTC) has recovered impressively over the past four days following last weekend’s nervous descent to $43.
It has now risen by more than 11% since November 24, with price currently residing at around $48.39.
The next key level for Litecoin is the psychological level of support at $50, which was a bitter point of resistance in March and a key level of support in October.
It’s been a difficult year for Litecoin traders, with the world’s sixth-largest cryptocurrency down by more than 55% since the highly anticipated halving and 67% from yearly highs.
If price gets rejected at the $50 level, Litecoin can be expected to fall back down to the $39 and $27 levels of support, which coincidentally is where it dropped to this time last year.
From a bullish perspective, if Litecoin can spur a rally above $50 this weekend, it will likely test $53 before attempting to break out above the daily 100 exponential moving average at $62.
The market cap of Litecoin has lost a staggering $4.5 billion since June’s high of $145. It now stands at $3 billion, which is $1 billion less than both Bitcoin Cash and Bitfinex’s controversial stablecoin Tether.
For more news, guides, and cryptocurrency analysis, click here.
The post Litecoin set to buck bear market trend with breakout above $50 appeared first on Coin Rivet.