Litecoin has been among the leading gainers in the crypto charts in the past 24 hours. Most coins are trading in the green zone because of the impressive recovery in bitcoin and ethereum. Altcoins have responded to this uptrend, and they are currently making new highs.
Litecoin is trading at $222.24 at the time of writing after an 18.3% gain in 24 hours.
Litecoin Price Analysis
Litecoin’s gains in the past 24 hours have been phenomenal, and despite volatility across the broader market, the coin has managed to hold on to these gains. The current market support from the broader market is giving litecoin the gains needed to make this upswing, and if it continues, LTC could be headed to new highs.
Currently, litecoin is aiming at retesting the next resistance level of $224. The coin has attempted to break past this level, but it was rejected shortly after. However, with trading volumes increasing, we could see such highs being retested again, and new highs beyond $230 will be achieved. Unlike most altcoins within the top 15 ranking, litecoin is still far from achieving its all-time high. However, we could see the levels being achieved again if market bulls grow stronger.
Market support could weaken at any time, and the current trend could reverse. At this point, LTC will retest the lower support levels of $220 and $210. If it pushes to $200, it could attract buying support from optimistic traders that the bullish rally is still at play.
One of the main areas where the Litecoin network has gained immense adoption is being used as a means of payment. The network is accepted for this use because it offers cheap and fast payment transactions. This has always played an integral role in boosting LTC’s demand and prices.
Recently, litecoin was among the cryptocurrencies accepted by a Belgian startup as a means of payment. Seety, the digital parking startup, has launched a crypto payment service used for parking tickets.
Where to Buy LTC
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