Litecoin Surpasses $90, But This Level Remains Crucial For The Altcoin

Litecoin has become a standout performer, despite selling pressure in the cryptocurrency market. The weekly chart shows that Litecoin’s price has risen nearly 4%, with a significant breakthrough as Litecoin passed the $90 price level. Technical analysis indicates that the bulls hold sway over the price action, with positive signals on the daily chart. However, sustaining the LTC price above $90 will depend on the overall strength of the broader market, particularly Bitcoin, which currently holds significant overhead resistance in subsequent trading sessions. Buyers of LTC maintain a favourable position, while a decline could potentially push the altcoin below $90.

This article originally appeared on www.newsbtc.com

Litecoin, one of the most well-known altcoins, has been performing exceptionally well lately. In August, the cryptocurrency managed to surpass the $90 level, a crucial point for the digital asset. However, experts say that this level remains crucial for Litecoin going forward as it continues to face stiff competition from other digital currencies.

Litecoin is a peer-to-peer digital currency that was created in 2011 by Charlie Lee. It is often dubbed the “silver to Bitcoin’s gold” and has been regarded as a potential rival to Bitcoin. Litecoin uses a different algorithm than Bitcoin, which enables it to process transactions much faster than the pioneer cryptocurrency. This, coupled with its relatively cheap transaction fees, has made it a popular alternative for crypto traders.

At the time of writing, Litecoin was trading at around $93, illustrating a rise of approximately 276% from its March lows. The cryptocurrency has been performing exceptionally well lately, buoyed by the broader cryptocurrency market’s recent resurgence. Other major digital currencies such as Bitcoin and Ethereum have also experienced significant price gains in the recent past.

Despite its impressive performance, Litecoin still faces significant competition from other digital currencies. Some like Bitcoin, Ethereum, and Tether have market capitalizations that dwarf Litecoin’s market capitalization, which stands at approximately $6 billion. That said, Litecoin remains one of the most traded digital currencies worldwide, boasting an average daily trading volume of over $2 billion.

As Litecoin continues to grow and evolve, it is important to note that it remains a relatively volatile digital currency. Any significant price fluctuations could impact the cryptocurrency’s momentum, so the $90 level remains crucial for Litecoin. In this regard, it is important to keep an eye on Litecoin’s price movements in the coming days and weeks to see if it can consolidate its current gains and achieve more substantial growth.

In conclusion, Litecoin has had an excellent run in recent months, and the cryptocurrency community is keenly watching to see how it continues to perform. While it faces significant competition from other digital currencies, Litecoin has managed to establish itself as a major player in the world of cryptocurrencies. As long as it continues to maintain this momentum, there is every reason to believe that Litecoin is here to stay.

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