
Litecoin performed well in November.
Cryptocurrencies witnessed an increase in accumulation last month.
LTC has found resistance at $80, paving the way for a breakout or correction.
Litecoin (LTC/USD) hits $83 after a surge in November. That’s nearly double the November 9 price of $47. The rally has pushed LTC above a key resistance, paving the way for further rally for the cryptocurrency. However, LTC has been consolidating for over a week after hitting highs.
Formerly as a coin journal report, Litecoin’s halving event in the months ahead could be boosting LTC’s gains. Buyers have not yet run out of LTC if the event proves to be as influential as it has been in the past.
Additionally, a popular cryptocurrency analyst expects LTC to outperform Bitcoin. Strategist Justin Bennett says he is bullish on Litecoin in the short term. Comments are coming in despite the large whale amassing at least $40 million worth of his LTC in his last two months of November. Positive fundamentals could help LTC maintain its upward trajectory. $80 is proving to be a key level for the bulls in the next bull cycle.
Bullish Momentum Finds Resistance at $80
On the technical side, LTC has retested the $80 resistance and buyers have been rejected again. Although the price has corrected, the uptrend remains intact as the token makes new highs and lows.
The moving averages are bullish on the LTC and offer cryptocurrency support.The RSI is above the midpoint but below the overbought level. However, the RSI is coming from oversold levels, indicating that there may be profit taking behind the ongoing correction.
What’s next for LTC?
LTC Price Strong momentum can sustain the uptrend, but buyers need to break the $80 barrier. Tokens may undergo a moving average correction before continuing to rise.
Investors should be on the lookout for the area around $70 should a correction occur. Levels match 50% retracements or 50-day MAs.
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