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 worth of $47 on November 9. The good points additionally took LTC above a vital resistance, paving the way in which for additional good points 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 good points. If the occasion seems to be as influential because it was up to now, patrons aren’t but finished with LTC. A breakout may happen, and a value 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 quick time period. The feedback come at the same time as giant whales gathered no less than $40 million value of LTC within the final two months of November. The optimistic fundamentals may assist LTC preserve 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
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 shifting averages are bullish on LTC and supply help 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 could possibly be behind the continued correction.
What subsequent for LTC?
LTC value may preserve the uptrend given the sturdy momentum, however patrons ought to break above the $80 barrier. The token could endure a correction to the shifting common earlier than persevering with with the surge.
Buyers ought to watch the world round $70 if a correction happens. The extent will coincide with a 50% retracement or the 50-day MA.
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