Litecoin trying to move above $80
The upcoming halving event is seen as a rise in prices
A successful breakout will have buyers eyeing the next resistance at $100
if you have an eye Litecoin (LTC/USD), it’s time to get more bullish as the latest price action is looking exciting. The region around $80 was a major stumbling block for Litecoin during its bullish rally in November. The bears took the opportunity to push the price lower, retesting the $64 support, but the bulls revived after that.
In the tug of war between the bulls and bears, as Litecoin attempts to clear the $80 barrier, the former appears to be winning. The cryptocurrency rose to $82, although it is unclear whether the daily candlestick will close above to consider a breakout. Should the bullish market confirm, a trip to $100 looks very possible. Investors would better watch how the price action plays out going forward.
If you can remember it, you can refer to it coinjournal analysis How is the Litecoin halving event affecting the price? But apart from this significant event, Litecoin may draw from slightly better crypto sentiment to force a breakout. Most cryptocurrencies have staged a recovery as of press time. So how do you tell if there is a breakout in LTC price?
LTC rises with higher momentum at $80
On a daily chart technical perspective, the momentum is very strong for LTC. The daily candlestick is above the $80 resistance area. There is a surge in buy-side volumes, indicating that buyers are very active on LTC. The price is also clearly visible from the moving averages and the rising trend line.
When to Consider a Breakout?
LTC must clear $80 with a daily candlestick close above to consider a successful breakout. If the price closes above this critical level, buyers may get attracted. LTC could rise higher towards the potential resistance area, near $100.
Conversely, if ltc price closes below $80, the coin could be due for a correction. We consider the former to be the more likely scenario but investors should be open to both.
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