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 almost double the value of $47 on November 9. The beneficial properties additionally took LTC above a vital resistance, paving the way in which for additional beneficial properties within the cryptocurrency. Nevertheless, LTC has been consolidating for greater than every week since hitting increased 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 prior to now, consumers will not be but executed with LTC. A breakout may 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 gathered not less than $40 million value of LTC within the final two months of November. The optimistic fundamentals may 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 consumers have been rejected once more. The worth is correcting, though the uptrend stays intact because the token makes increased highs and better lows.
The shifting 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 continued correction.
What subsequent for LTC?
LTC value may keep the uptrend given the sturdy momentum, however consumers ought to break above the $80 barrier. The token might bear a correction to the shifting common earlier than persevering with with the surge.
Traders 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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