Litecoin price stalls. Will the token maintain the uptrend?

• 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 powerful surge in November took Litecoin (LTC/USD) to $83. That’s practically double the value of $47 on November 9. The features additionally took LTC above an important resistance, paving the best way for additional features 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, could possibly be fueling LTC features. If the occasion seems to be as influential because it was up to now, patrons should not but executed with LTC. A breakout may 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 massive whales collected at the least $40 million value of LTC within the final two months of November. The constructive fundamentals may 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 patrons have been rejected once more. The worth 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 under the overbought stage. The RSI is, nevertheless, coming from an oversold stage, indicating that profit-taking could possibly be behind the continued correction.

What subsequent for LTC?

LTC value may keep 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.

The place to purchase LTC

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Pacific Union

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