Litecoin set to buck bear market trend with breakout above $50

Litecoin (LTC) has recovered impressively over the past four days following last weekend’s nervous descent to $43.

It has now risen by more than 11% since November 24, with price currently residing at around $48.39.

The next key level for Litecoin is the psychological level of support at $50, which was a bitter point of resistance in March and a key level of support in October.

It’s been a difficult year for Litecoin traders, with the world’s sixth-largest cryptocurrency down by more than 55% since the highly anticipated halving and 67% from yearly highs.

If price gets rejected at the $50 level, Litecoin can be expected to fall back down to the $39 and $27 levels of support, which coincidentally is where it dropped to this time last year.

From a bullish perspective, if Litecoin can spur a rally above $50 this weekend, it will likely test $53 before attempting to break out above the daily 100 exponential moving average at $62.

The market cap of Litecoin has lost a staggering $4.5 billion since June’s high of $145. It now stands at $3 billion, which is $1 billion less than both Bitcoin Cash and Bitfinex’s controversial stablecoin Tether.

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