• Litecoin (LTC/USD) began 2023 on a strong footing, gaining nearly 13% in the past week.
• The network ended 2022 with a record number of transactions, leading to speculation of further gains.
• However, Litecoin must overcome a key resistance level at $80 before further gains can be made.
The beginning of 2023 has been a positive one for Litecoin (LTC/USD). In the past week, the cryptocurrency has gained 13%, showing that it is well on its way to becoming one of the top performers in the crypto market. This comes at a time when the network ended the previous year with a record number of transactions.
This has led to speculation that further gains are on the horizon. Investors are hopeful that this will be the case, although Litecoin must first overcome a crucial level of resistance at $80 before further gains can be made. This is a key level that Litecoin must break through before it can continue its bullish trend.
One of the reasons why Litecoin has been able to gain traction is because of its successful testing of new technologies. According to Abra CEO Bill Barhydt, Litecoin is the only p2p decentralised payment ecosystem that has outlived 10 years of uptime. Analysts expect the token to return up to 100% heading into LTC’s halving event.
The price of Litecoin has already been reacting to these important developments. On the daily chart, LTC is testing a resistance zone around $77-$80. The price has been trading in a range since mid-December and is now at risk of a breakout. If the bulls manage to break above this key level, then further gains could be in store.
Overall, Litecoin remains bullish, but it must first break through the key level of $80 for further gains to be made. If this happens, then the cryptocurrency could be in for a profitable 2023. Investors will be keeping a close eye on this situation as the year progresses.