Litecoin (LTC/USD) worth stalls. Will the token preserve 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 almost double the value of $47 on November 9. The features additionally took LTC above a vital resistance, paving the best way for additional features within the cryptocurrency. Nevertheless, 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, may very well be fueling LTC features. If the occasion seems to be as influential because it was prior to now, consumers usually are not but completed with LTC. A breakout may happen, and a worth 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 at the same time as giant whales amassed at the very least $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 consumers 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 assist for the cryptocurrency. The RSI stays above the midpoint however under the overbought degree. The RSI is, nevertheless, coming from an oversold degree, indicating that profit-taking may very well be behind the continuing correction.

What subsequent for LTC?

LTC worth may preserve the uptrend given the robust momentum, however consumers 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.

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Disclaimer

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