Litecoin outperforms it’s crypto peers for one more day and managed to recover the morning losses. As of writing the crypto pair is 1.85% higher at $82.04 close to six-month highs. LTCUSD is one asset with the most gains in 2020. The pair is 99% higher since the beginning of the year. Litecoin was under selling pressure during 2019 and lost 45% of its value. 2020 started in bullish momentum as litecoin rallies since January 2.
Litecoin market capitalization has reached now $5.24 billion, the 100 top cryptocurrencies capitalization surpassed the $303 billion
Litecoin continues to make higher highs and higher lows since the beginning of January forming a strong bullish trend. LTCUSD upward move accelerated after the price pierced the 50-day moving average.
On the upside, first resistance stands at $82.66 the daily high. Next strong resistance for Litecoin (LTCUSD) will be met at $85.90 the high from August 14th. In case of a bullish breakout, next target for the bulls will be at $90.14 the top from August 12th.
On the downside the first support stands at $78.60 the daily low. Next support zone will be met $76.77 the low from February 12th. More bids would emerge at $72.40 the low from February 11th trading session.
All in all the technical outlook is bullish for Litecopin and only a break below the 200-day moving average might cancel the uptrend.