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Litecoin (LTC/USD) is once again considering a possible breakout of the $64 key resistance zone. The price surged to this important level after first testing the $47 low two days ago. The bulls are currently being tested at this critical level and the bears are in their place as well.
it’s my eleventh birthday litecoinIts developers have praised blockchains forked from Bitcoin to address Bitcoin’s shortcomings. More than a decade later, Litecoin remains resilient, but is frequently hit by price dynamics. According to the Litecoin Foundation, the blockchain has had no problems so far and he has processed more than 33 million transactions.
As money becomes more digital, LTC will certainly play an important role. The team behind Blockchain says he has created over 45 million new LTC addresses in the last 11 months. This number equates to approximately 28% of lifetime LTC addresses. Similarly, Litecoin’s mining difficulty reached a new milestone of just under 18 million hashes. This difficulty means that miners are fiercely competing for mining rewards.
Buyers really hope LTC clears $64 in a positive development. From the price action, I can think of two possibilities.
Source TradingView
Price Action Indicators show a mixed outlook for LTC. On the one hand, the rising price and recovery from the RSI reading of 39 suggest a potential bull market.
On the contrary, LTC has slowed since reaching the $64 resistance. A breakout has yet to be confirmed, so we should maintain our bearish bias.
A breakout of the $64 resistance LTC Price Attractive to buyers. Resistance is the key zone that has held LTC since June. A breakout could therefore welcome a big move in cryptocurrencies.
If the breakout fails, LTC could fall, with the next potential bottom at $50. Investors should monitor both scenarios before buying.
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