Litecoin is a cryptocurrency created by former Google engineer- Charlie Lee in 2011. It is credited as one of the first leading successors of Bitcoin and the first altcoin to be invented. It is a peer-to-peer (P2P) virtual currency whose network offers instant, near-zero cost payments that can be utilized globally. The cryptocurrency is also based on an open-source global payment network that is decentralized. According to researchers, Litecoin was created from Bitcoin’s original open-source code. When Lee created it, he announced it as Bitcoin Lite and remained viewed by many as a reaction to Bitcoin. Due to the cryptocurrency imitating the prototype of Bitcoin, it still possesses huge features as the leading digital asset.

LTC crypto formed a descending trend line during the recent move down. This trendline was tested yesterday and has served as resistance until now. Since the indicators are not yet in overbought territory, we assume that the Litecoin price will continue to rise. Thus, the current trend line would be broken. By breaking the trendline, an uptrend would develop. This would increase the Litecoin price.

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LTC managed to reach and even breach the $200 price mark, the last time being in November 2021. It is safe to assume that Litecoin can recoup previous losses and reach this level again. On the other hand, there are many other levels that Litecoin prices need to reach first.

If there is a bullish break in the trend line, we assume that the price will gradually work through the resistance. The Litecoin price could initially rise to $142. There is the first resistance. During the rise to $142, we do not expect a major correction either. After the price reaches the first target, a slightly larger correction could occur. However, this correction could result in a rally to $165, so corrections are not necessarily a bad thing. Mostly they are good for the price.

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