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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 almost double the worth of $47 on November 9. The good points additionally took LTC above an important 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, may very well be fueling LTC good points. If the occasion seems to be as influential because it was previously, patrons will not be but accomplished 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 whilst giant whales amassed not less than $40 million price of LTC within the final two months of November. The optimistic fundamentals might assist LTC preserve 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 value 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 help for the cryptocurrency. The RSI stays above the midpoint however beneath the overbought stage. The RSI is, nevertheless, coming from an oversold stage, indicating that profit-taking may very well be behind the continuing correction.
What subsequent for LTC?
LTC value might preserve the uptrend given the robust momentum, however patrons ought to break above the $80 barrier. The token might bear a correction to the transferring 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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