Litecoin carried out strongly in November.
The cryptocurrency witnessed elevated accumulation final month.
LTC has discovered resistance at $80, paving the way in which for a breakout or correction.
A robust surge in November took Litecoin (LTC/USD) to $83. That’s practically double the value of $47 on November 9. The positive aspects additionally took LTC above a vital resistance, paving the way in which for additional positive aspects 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, may very well be fueling LTC positive aspects. If the occasion seems to be as influential because it was up to now, patrons aren’t but performed with LTC. A breakout might happen, and a value above $100 is inevitable.
Moreover, a well-liked 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 accrued not less than $40 million price of LTC within the final two months of November. The constructive fundamentals might assist LTC keep an upward trajectory. $80 is popping out to be the essential stage for bulls within the subsequent bull cycle.
LTC finds resistance at $80 in a bullish momentum
On the technical outlook, LTC retested the $80 resistance, and patrons have been rejected once more. The worth 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 under the overbought stage. The RSI is, nonetheless, coming from an oversold stage, indicating that profit-taking may very well be behind the continued correction.
What subsequent for LTC?
LTC price might keep the uptrend given the sturdy momentum, however patrons ought to break above the $80 barrier. The token might endure a correction to the transferring common earlier than persevering with with the surge.
Traders ought to watch the realm round $70 if a correction happens. The extent will coincide with a 50% retracement or the 50-day MA.
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