Litecoin price managed to breach a key resistance level for the first time since late January. This is a level that often acts as a strong resistance, but once breached, it becomes a powerful support, and LTC only breached it a few days ago, continuing up in the meantime.
LTC surges in the early months of the year
Litecoin demonstrated its strength and willingness to grow in the early days of the year, as it surged as soon as 2020 kicked off. The coin went up immediately, heading from its support at $40 to the resistance at $60 in only two weeks.
After being initially rejected by this price, LTC surged yet again, this time even stronger. It eventually doubled its initial price of $40, hitting $80. However, LTC did not manage to breach this level, and other than a slight peek above it, it was the highest it got in 2020.
Soon after that, LTC started slipping and sinking, as the bull market withdrew, and bears forced the prices down.
LTC dropped back to $60, this time a support, rather than a resistance. However, before the coin made an attempt to go back up to $80, the March price drop led it down to a new bottom at $30.
LTC proceeds to recovery
After dropping to a new yearly low, LTC started climbing up. However, the process was not as simple and as easy as it seemed to be for many other cryptos. LTC struggled with every small resistance in its way, and it took full two weeks for it to go back up above $40.
This was enough to show that it still has strength for a recovery, and that it is a good opportunity. And, as many hurried to buy LTC, the coin went up. However, it hit the ceiling once it reached $50.
The level was simply too strong, and it kept rejecting the coin’s price. LTC spent months between this resistance and $40, only to finally break the ceiling in late July.
This led it back to $60, and with a little struggle, LTC finally broke this resistance too. Currently, it sits at $66.66, with its next target seemingly being $80.
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