Litecoin carried out strongly in November.
The cryptocurrency witnessed elevated accumulation final month.
LTC has discovered resistance at $80, paving the best way for a breakout or correction.
A powerful surge in November took Litecoin (LTC/USD) to $83. That’s practically double the value of $47 on November 9. The features additionally took LTC above an important resistance, paving the best way for additional features within the cryptocurrency. Nonetheless, LTC has been consolidating for greater than every week since hitting greater ranges.
As CoinJournal beforehand reported, Litecoin’s halving occasion, which is months away, could possibly be fueling LTC features. If the occasion seems to be as influential because it was up to now, patrons usually are not but completed with LTC. A breakout might happen, and a worth above $100 is inevitable.
Moreover, a preferred crypto analyst expects LTC to outperform bitcoin. Strategist Justin Bennett says he’s bullish on Litecoin within the brief time period. The feedback come whilst massive whales collected no less than $40 million price of LTC within the final two months of November. The optimistic fundamentals might assist LTC keep an upward trajectory. $80 is popping out to be the essential degree for bulls within the subsequent bull cycle.
LTC finds resistance at $80 in a bullish momentum
LTC/USD Chart by TradingView
On the technical outlook, LTC retested the $80 resistance, and patrons have been rejected once more. The value is correcting, though the uptrend stays intact because the token makes greater highs and better lows.
The transferring averages are bullish on LTC and supply assist for the cryptocurrency. The RSI stays above the midpoint however beneath the overbought degree. The RSI is, nonetheless, coming from an oversold degree, indicating that profit-taking could possibly be behind the continuing correction.
What subsequent for LTC?
LTC worth might keep the uptrend given the sturdy momentum, however patrons ought to break above the $80 barrier. The token might bear a correction to the transferring common earlier than persevering with with the surge.
Buyers ought to watch the realm round $70 if a correction happens. The extent will coincide with a 50% retracement or the 50-day MA.
The place to purchase LTC
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Disclaimer
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