Bitcoin surged to $11,000 this week, pulling Litecoin along with it. The altcoin, which traders call silver to Bitcoin's gold, gained over 10% in the past 24 hours alone, propelling LTC/USD to $53.50.
Bitcoin surged to $11,000 this week, pulling Litecoin along with it. The altcoin, which traders call silver to Bitcoin's gold, gained over 10% in the past 24 hours alone, propelling LTC/USD to $53.50. This marks the first time the token has traded above $50 since March 8.
The rest of the crypto market displayed mixed performance. Ethereum soared 30% over the week to trade above $330, but selling pressure during Asian hours dragged it down 3% on the day to $315. Ripple's XRP climbed 2.3% over 24 hours. Bitcoin Cash and Bitcoin SV each gained around 6%.
Litecoin's breakout matters because the token spent weeks trapped in a tight trading range that capped its upside. That ceiling held from early spring through mid-summer. In late April, bulls pushed higher, running from $40 lows to $49 highs. Thursday's move above $50 is the strongest performance in months.
The bulls need to hold $50 to build on these gains. The technical setup supports further upside. The MACD indicator sits above the Signal line, a bullish configuration. The Parabolic SAR on the daily chart is also bullish, with dots positioned below the price to indicate continued upside potential.
If bulls defend $50, traders target $57.107 next, then $61.208, then $66.38. Should momentum carry through those barriers, price could reach the February highs near $83. That would be a significant move from current levels.
A loss of $50 would shift the outlook. The next support points sit at $48.179 and $43. Should those give way, price falls below the long-term descending trendline. Bitcoin's action carries weight here. A break above $12,000 would support Litecoin. A pullback would stall the move.
