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Litecoin carried out strongly in November.
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The cryptocurrency witnessed elevated accumulation final month.
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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 positive aspects additionally took LTC above a vital resistance, paving the way in which for additional positive aspects within the cryptocurrency. Nevertheless, LTC has been consolidating for greater than every week since hitting larger ranges.
As CoinJournal beforehand reported, Litecoin’s halving occasion, which is months away, might be fueling LTC positive aspects. If the occasion seems to be as influential because it was previously, consumers should not but executed with LTC. A breakout might 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 massive whales amassed not 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 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 consumers have been rejected once more. The worth is correcting, though the uptrend stays intact because the token makes larger highs and better lows.
The transferring averages are bullish on LTC and supply help for the cryptocurrency. The RSI stays above the midpoint however beneath the overbought stage. The RSI is, nonetheless, coming from an oversold stage, indicating that profit-taking might be behind the continued correction.
What subsequent for LTC?
LTC price might keep the uptrend given the robust momentum, however consumers 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 world round $70 if a correction happens. The extent will coincide with a 50% retracement or the 50-day MA.
The place to purchase LTC
eToro
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