Litecoin is in a strong bull market, above the 50-period simple moving average. The cryptocurrency began consolidating after hitting the $140.0 high. As of this writing, LTC/USD trades at approximately $130.
The immediate support rests at the $123.0 mark. The bull market is valid as long as the prices are above this level. That said, the uptrend market will likely resume if Litecoin’s value exceeds $140. In this scenario, the next bullish target could be the $150.0 mark.
- Also read: Bitcoin Surpassed $100K – What is Next?
Bearish Scenario
Conversely, if bears (sellers) push Litecoin prices below the 123.0 support, the current consolidation phase could extend to $113.0, backed by the 50-period SMA.