Litecoin is trading marginally above $120 today after recovering from $116-$115.
LTC/USD is up 2.67% today, besides it forming another bullish flag pattern that could result in an upside breakout if the bulls find a strong support above $120.
Litecoin price is facing immediate resistance at $122 but the key resistance level is at $125.
Financial analyst Nick Cawley told Express.co.uk: “Litecoin’s rebound from its recent six-week low around $110 looks likely to continue with the token eyeing $141 in the short-term.”
The crypto market as a whole seems to have found some short-term support in the last couple of weeks with selling drying up.
Mr Cawley said: “On the four-hour LTC chart the cluster of lows between $110 and $115 should provide reasonable support, while the 20-day ma is looking to break back above the 50-day ma, providing Litecoin with a bullish impulse.”
“On the upside, light resistance may be seen around $128-$131 before LTC moves back towards the May 20 high at $141,” Mr Cawley said.
Some analysts are forecasting that Litecoin could close the 2018 at around $600.
Litecoin can be defined as a peer-to-peer cryptocurrency and open source software project.
Litecoin was created by former Google employee Charlie Lee in October 2011.
It was designed it to complement Bitcoin by solving some of its issues, like transaction times, fees, and concentrated mining pools.
Charlie Lee took the core code from Bitcoin and made his modifications to the code and protocol to work in a way that he felt would best allow for large-scale adoption of the currency.
As is the case with Bitcoin and most altcoins, Litecoin is a decentralised entity, which means that it functions without a central authority or governance agency.
The system allows the creation and transfer of tokens, based on an open source cryptographic protocol.