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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 powerful surge in November took Litecoin (LTC/USD) to $83. That’s practically double the value of $47 on November 9. The positive aspects additionally took LTC above an important resistance, paving the way in which 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 usually are not but executed with LTC. A breakout might 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 quick time period. The feedback come at the same time as massive whales amassed a minimum of $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 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 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 beneath the overbought degree. The RSI is, nevertheless, coming from an oversold degree, indicating that profit-taking may very well be behind the continuing correction.
What subsequent for LTC?
LTC value might preserve the uptrend given the sturdy momentum, however consumers ought to break above the $80 barrier. The token might endure 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
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Pacific Union
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