Litecoin (LTC/USD) worth stalls. Will the token preserve the uptrend?

 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 robust surge in November took Litecoin (LTC/USD) to $83. That’s almost double the worth of $47 on November 9. The good points additionally took LTC above an important resistance, paving the best way for additional good points within the cryptocurrency. Nonetheless, LTC has been consolidating for greater than every week since hitting larger ranges. 

As CoinJournal beforehand reported, Litecoin’s halving occasion, which is months away, might be fueling LTC good points. If the occasion seems to be as influential because it was previously, consumers should not but carried out with LTC. A breakout might 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 brief time period. The feedback come at the same time as giant whales collected at the least $40 million price of LTC within the final two months of November. The constructive fundamentals might 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 value is correcting, though the uptrend stays intact because the token makes larger highs and better lows.

The shifting averages are bullish on LTC and supply help for the cryptocurrency. The RSI stays above the midpoint however beneath the overbought degree. The RSI is, nevertheless, coming from an oversold degree, indicating that profit-taking might be behind the continuing correction.

What subsequent for LTC?

LTC worth might preserve the uptrend given the robust momentum, however consumers ought to break above the $80 barrier. The token might bear a correction to the shifting common earlier than persevering with with the surge.

Buyers ought to watch the realm round $70 if a correction happens. The extent will coincide with a 50% retracement or the 50-day MA.

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