Litecoin price is in high spirits recently. It has risen for the past three consecutive months and is now at its highest level since July 2019. This week alone, LTC/USD has surged by more than 40%, making it one of the best-performing financial assets.
Why is Litecoin price soaring: Litecoin is rising mostly because of the overall performance of the overall optimism about digital assets. This week alone, most currencies, including Bitcoin and Ethereum have risen to record and multi-year highs as more institutional investors stream-in.
This means that most of them will allocate money into the assets in a similar way they allocate to stocks and gold. If this happens, they will mostly focus on traditional currencies like BTC, ETH, XRP, and LTC, among others.
So, what next for LTC?
On the daily chart, the Litecoin price has been in a strong upward trend. It has risen by more than 345% from the YTD low of $24.
Also, recently, the price has managed to move above the resistance level at $85, which was the highest level since February this year. It has also moved above the 25-day and 50-day exponential moving averages.
Therefore, since bulls have the momentum, the next key resistance to watch is $145, which is where it formed a double-top pattern in June 2019. This price is 32% above the current level.
Litecoin Price chart