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Litecoin is trading marginally above $ 120 today after recovering from $ 116 to $ 115.
LTC / USD is up 2.67% today, as well as forming another bullish flag pattern that could cause a bullish breakout if the bulls get a strong support above $ 120.
The price of Litecoin is facing immediate resistance at $ 122, but the key resistance level is at $ 125.
Financial analyst Nick Cawley said Express.co.uk: "The rebound of Litecoin from its recent six-week low around $ 110 seems likely to continue with the token looking at $ 141 in the short term."
The cryptography market as a whole seems to have found a short-term support in the last two weeks with the sale drying up.
Mr. Cawley said: "On the four-hour LTC chart the minimum group between $ 110 and $ 115 should provide reasonable support while the 20-day but is trying to break beyond 50 days but, providing Litecoin with a boost bullish. "
"On the upside, resistance to light can be seen around $ 128 – $ 131 before LTC returns to its May 20 high at $ 141," said Cawley.
Some analysts predict that Litecoin could close 2018 about $ 600.
Litecoin can be defined as a peer-to-peer cryptocurrency and an open source software project.
Litecoin was created by the former Google employee Charlie Lee in October 2011.
It is designed to integrate Bitcoin by solving some of its problems, such as transaction times, commissions and pools of concentrated mining activities.
Charlie Lee took the core code from Bitcoin and made his changes to the code and protocol to work in a way that he thought would be best to allow for large scale adoption of the currency.
As in the case of Bitcoin and most of the altcoins, Litecoin is a decentralized entity, which means it works without a central authority or a governance agency.
The system allows the creation and transfer of tokens, based on an open source cryptographic protocol.
