Litecoin (LTC/USD) is once again looking for a potential breakout above a key resistance area at $64. After initially testing the $47 low two days ago, the price gained strength from this key level. Bulls are now being tested at this prime level as bears are also standing their ground.
11 year old birthday for this litecoin, Its developers celebrated the blockchain, which was pulled out of bitcoin to address the shortcomings of the latter. More than a decade later, Litecoin remains resilient, although price dynamics have hurt it more often. The Litecoin Foundation says that the blockchain has processed over 33 million transactions so far without any challenges.
As money is digitized, LTC will certainly play a major role. The team behind the blockchain says that over the past 11 months, over 45 million new LTC addresses have been created. This number equates to about 28% of lifetime LTC addresses. Similarly, Litecoin’s mining difficulty hit a new milestone at a little less than 18 million hashes. The difficulty means that miners are intensely competing for mining rewards.
Buyers will be really praying that LTC clears $64 amid positive developments. Price action is likely to lead to two possibilities.
LTC is slightly below the $64 resistance level
Source – TradingView
Price action indicators show a mixed outlook for LTC. On the one hand, a rally in the price and a recovery from the RSI reading of 39 indicates a potential bullish market.
Conversely, LTC has slowed down since reaching the $64 resistance level. A breakout is far from being confirmed, so we should still hold a bearish bias.
When should you buy Litecoin?
Breaking the $64 Resistance Level LTC value Attractive to buyers. Resistance is a key area that has held LTC up since June. Thus, a breakout could welcome a major move for the cryptocurrency.
If the breakout fails, LTC could turn lower, and the next potential bottom will be at $50. Investors should keep an eye on both the scenarios before buying.
Where to buy LTC
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