Litecoin performed strongly in November.
The cryptocurrency saw a surge in accumulation last month.
LTC found resistance at $80, paving the way for a breakout or a correction.
A strong rally in November took Litecoin (LTC/USD) to $83. This is almost double the price of $47 on 9 November. The gains took LTC above a key resistance, paving the way for further gains in the cryptocurrency. However, since hitting higher levels, LTC has been consolidating for over a week.
First as CoinJournal informed ofLitecoin’s halving event, which is months away, could fuel LTC gains. If the event turns out to be as impressive as the first, buyers are not done with LTC just yet. A breakout is possible, and a price above $100 is inevitable.
Furthermore, a popular crypto analyst expects LTC to outperform Bitcoin. Strategist Justin Bennett says he is bullish on Litecoin in the short term. The comments come despite large whales accumulating at least $40 million worth of LTC in the last two months of November. Positive fundamentals may help LTC to maintain its upward trajectory. $80 is proving to be an important level for the bulls in the next bull cycle.
LTC finds resistance at $80 in a bullish move
On the technical side, LTC reclaimed the $80 resistance, and the buyers were again rejected. The price is correcting although the uptrend remains intact as the token makes higher highs and higher lows.
The moving averages are bullish on LTC and provide support for the cryptocurrency. The RSI remains above the midpoint but below the overbought level. The RSI, however, is coming from oversold levels, indicating that profit-taking may be behind the ongoing correction.
What next for LTC?
ltc price The uptrend could sustain given the strong momentum, but buyers should break above the $80 hurdle. The coin is likely to correct the moving averages before continuing the uptrend.
If a correction occurs, investors should watch the area around $70. The level will coincide with the 50% retracement or the 50-day MA.
where to buy ltc
eToro offers a wide range of cryptos such as bitcoin, XRP and others, along with crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or be copied by other users.
Buy LTC with eToro today
Bitstamp is a leading cryptocurrency exchange offering trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that offers users an intuitive interface, a high level of security for your digital assets, excellent customer support, and multiple withdrawal methods.
Buy LTC with Bitstamp today