Litecoin carried out strongly in November.
The cryptocurrency witnessed elevated accumulation final month.
LTC has discovered resistance at $80, paving the manner for a breakout or correction.
A robust surge in November took Litecoin (LTC/USD) to $83. That’s almost double the price of $47 on November 9. The beneficial properties additionally took LTC above an important resistance, paving the manner for additional beneficial properties in the cryptocurrency. However, LTC has been consolidating for greater than per week since hitting larger ranges.
As CoinJournal beforehand reported, Litecoin’s halving occasion, which is months away, might be fueling LTC beneficial properties. If the occasion seems to be as influential because it was in the previous, patrons will not be but executed with LTC. A breakout might happen, and a price above $100 is inevitable.
Furthermore, a preferred crypto analyst expects LTC to outperform bitcoin. Strategist Justin Bennett says he’s bullish on Litecoin in the quick time period. The feedback come whilst giant whales gathered a minimum of $40 million price of LTC in the final two months of November. The optimistic fundamentals might assist LTC maintain an upward trajectory. $80 is popping out to be the essential degree for bulls in 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 price is correcting, though the uptrend stays intact as the token makes larger 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 degree. The RSI is, nonetheless, coming from an oversold degree, indicating that profit-taking might be behind the ongoing correction.
What subsequent for LTC?
LTC price might maintain 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.
Investors ought to watch the space round $70 if a correction happens. The degree will coincide with a 50% retracement or the 50-day MA.
Where to purchase LTC
eToro
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Bitstamp
Bitstamp is a number one cryptocurrency change which presents buying and selling in fiat currencies or in style cryptocurrencies.
Bitstamp is a totally regulated firm which presents customers an intuitive interface, a excessive diploma of safety in your digital property, wonderful buyer assist and a number of withdrawal strategies.
