Litecoin Price Analysis: 20 February

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With yet another push from the bulls and the market has been set to be as active as ever. The Bitcoin price climbed to a new high at over $56k, and the remaining altcoins marched along with it. Litecoin and many of the market’s altcoins were witnessing a strong uptrend in value, however, at the time of writing the market remained in a rather volatile zone.

At the press time, Litecoin was trading at $244.05 as its market capitalization remained at $16.19 billion. In the past 24-hours alone, the coin surged by close to 3.5 percent.

Litecoin daily chart

Source: LTCUSD on TradingView

The above chart of Litecoin reflected the gradual growth of the price of the digital asset. LTC began 2021 trading at $135, after which it has witnessed a 88% appreciation and was currently trading at $243.

The current price has been a part of an ascending channel extending across February. This ascent of the price has helped it surpass various levels of resistance and pushed it towards a bullish path. However, since the asset had already hit a peak and the major indicators were quite bullish, there might be some correction in the coming week.

Reasoning

As the current value traded above the support level of $214.99, it may continue to be a consolidation level for LTC in the short-term. The current surge…

Source

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