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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 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 good points additionally took LTC above an important resistance, paving the best way for additional good points 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, may very well be fueling LTC good points. If the occasion seems to be as influential because it was prior to now, patrons aren’t but carried out 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 quick time period. The feedback come whilst massive whales amassed no less than $40 million price of LTC within the final two months of November. The constructive fundamentals may 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
LTC/USD Chart by TradingView
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 larger highs and better lows.
The transferring 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 may very well be behind the continued correction.
What subsequent for LTC?
LTC value may preserve the uptrend given the sturdy momentum, however patrons ought to break above the $80 barrier. The token could bear 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
eToro presents a variety of cryptos, akin to Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and duplicate or get copied by different customers.
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Bitstamp
Bitstamp is a number one cryptocurrency trade which presents buying and selling in fiat currencies or fashionable cryptocurrencies.
Bitstamp is a totally regulated firm which presents customers an intuitive interface, a excessive diploma of safety in your digital property, glorious buyer assist and a number of withdrawal strategies.
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