One of the oldest and largest cryptocurrencies by market cap has broken an important resistance level.

Litecoin has been bullish lately, rallying over 40% through the second week of November, trading around just under $300. This six-month high comes after breaking above the all important $230 level which was previously strong short term and midterm resistance.

Since recovering from the July lows around $100, LTC is now in a bullish pattern with a golden cross having developed on the daily chart.

Veteran traders outlook

Fundamentals aside, on-chain analytics show a significant increase in demand and bullish activity. One such example is the volume of Litecoin perpetual swaps which is well over $7 billion, showcasing the demand for the 'silver of crypto.'

Long-term trader and analyst Peter Brandt recently commented about LTC's recent price action.

According to Brandt, since Litecoin broke the September highs, it’s now likely that it will retest the yearly highs around $400.

From a technical analysis perspective, Litecoin has been consolidating above the 100% Fibonacci level at $268.

Immediate term target for LTC's bullish continuation is just under $300 at $298, very close to the 123.6% Fibonacci level. If the Litecoin bulls break out to the upside, the rally could extend to the 161.8% Fibonacci level around $347.

However, from a bearish perspective, if Litecoin falls below the $232 level, the crypto would then look to the 200 SMA for support.