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Litecoin carried out strongly in November.
The cryptocurrency witnessed elevated accumulation final month.
LTC has discovered resistance at $80, paving the best way 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 positive aspects additionally took LTC above an important resistance, paving the best way for additional positive aspects within the cryptocurrency. Nonetheless, 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, may very well be fueling LTC positive aspects. If the occasion seems to be as influential because it was up to now, consumers will not be but executed with LTC. A breakout might happen, and a worth 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 quick time period. The feedback come whilst massive whales collected at the least $40 million price of LTC within the final two months of November. The constructive 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
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 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 continued correction.
What subsequent for LTC?
LTC worth might keep the uptrend given the sturdy momentum, however consumers ought to break above the $80 barrier. The token could 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.
The place to purchase LTC
eToro
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Disclaimer
Bitstamp
Bitstamp is a number one cryptocurrency trade which provides buying and selling in fiat currencies or fashionable cryptocurrencies.
Bitstamp is a totally regulated firm which provides customers an intuitive interface, a excessive diploma of safety in your digital property, glorious buyer help and a number of withdrawal strategies.
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