Litecoin’s price rally continues

06 Dec 2022

In recent days, the price of Litecoin has enjoyed a gradual increase over the $60 mark, going on to surpass the resistance levels of $65 and $70 to shift into bullish territory.

It didn’t stop there. Bulls drove the Litecoin price over $80, outperforming the world’s two largest cryptocurrencies, Bitcoin and Ethereum. 

However, near the $85 mark, the price faced sellers. It reached a high close to $85.08 and then began to consolidate gains, News BTC reports.

At the time of writing, according to CoinMarketCap data, the Litecoin price has soared more than 16% over the last week, trading at $83.33 with a market cap of $5,979,961,633.

As it stands, Litecoin’s immediate resistance remains near the $82 mark, whilst the main resistance is near $85. The price of Litecoin could begin a robust increase should it make a clear break above the main resistance level.

Should this occur, the price will likely continue moving upward towards the $92 and $95 levels. Further gains could send the LTC price near the $100 resistance zone.

Moreover, the number of Litecoin wallet addresses grew gradually, according to on-chain data. At the beginning of the year, there were 117 million wallets, rising to 162 million at the time of writing, AMB Crypto reports. 

In other crypto news on Tuesday, Bitcoin fell slightly but held the $17,000 level, whilst Ethereum remained steady at over $1,250. The focus is now on the U.S. macroeconomic data for indications as to rate hikes.

The global crypto market cap was marginally higher at around $866 billion, up 2% in 24 hours. The total trading volume rose around 9% to $33.10 billion, reports Economic Times.