Have to give it to litecoin (LTC), its price performance is definitely showing strength relative to the market.
Importance of Relative Strength
I talked about this a bunch sometime back, it was a period of time when Ethereum was showing relative strength compared to bitcoin and crypto on a whole.
Sure enough, when the market had it’s next push higher ethereum was one of the best performers.
As I sit here present day I wonder if the same fate is in play for litecoin. Granted, we need the market to gives us a move higher to find out, but litecoin is certainly setup to take advantage of any bullish sentiment.
Price Action Building Up Nice
If you look at the chart in this post of litecoin you can see it has basically leveled up. Something many other coins have yet to do.
It established above the consolidation level before the big crypto dump back in November. It confirmed this when price pushed through the $41 level and came back to test and rally off of it.
This is our near-term support now and is a level higher, above that prior $25-$40 range.
The upside of this current level is around $50, where it hit it’s head just a few days ago. That is the resistance level and a prominent one at that.
If price were to take $50 that would be a bullish sign for sure as it really is a well established, thus strong resistance.
A overall rally in crypto, even if just for a week could see litecoin do some serious moving!