Key Highlights:

Litecoin (available on Coinbase) continued its bullish run, breaking through the $200 barrier
LTC/USD hit a weekly high of $236.30 today, now up over 50% over the past week
It is now on a bullish trend, testing a major resistance point at close to $224

Litecoin (available on Coinbase) Blasts Through $200 Barrier

Litecoin (available on Coinbase) continued its bullish run this week, blasting through the $200 barrier during the past 48 hours and hitting a weekly high of $236.30 earlier today. The coin is now on another bullish trend as it moves up to test a major resistance of $224.

A downward trend line was formed just prior to the bullish run, but it managed to hold a support at around $208. Trading volume has also gathered pace, leading to an increase in buy-side pressure.

Source: Tradingview

Today’s price actions have resulted in LTC price going up by more than 50% over the past week. In fact, LTC is leading the market-wide cryptocurrency recovery in terms of percentage gains among the top 10 digital currencies.

Another factor contributing to Litecoin (available on Coinbase)’s rapid resurgence is rumors surrounding an upcoming fork called Litecoin (available on Coinbase) Cash. However, Litecoin (available on Coinbase) founder Charlie Lee later squashed those rumors, calling it a “scam” designated to confuse Litecoin (available on Coinbase) owners. Litecoin (available on Coinbase) investors will surely want to keep an eye on this story moving forward.

However, there is no doubt that Litecoin (available on Coinbase) is on the up again with or without this purported Litecoin (available on Coinbase) fork. As for the technicals, there was a bullish signal coming from the MACD graph at the beginning of the bull run. Should LTC break above $230 again, the next move could take us to $250 and even beyond.

Looking at the Technical Indicators:

Hourly MACD — LTC/USD is now in a bullish zone
Major Resistance Level — $224
Major Support Level — $208

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.