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Litecoin is about to top $80
The upcoming halving event is expected to push prices higher
If the breakout succeeds, buyers will look to the next resistance at $100.
if i was aiming litecoin (LTC/USD), the latest price action looks exciting, so it’s time to get more interested. The area around $80 was a stumbling block for Litecoin during the bullish rally in November. The bears seized the opportunity to push the price down and retest the $64 support, but the bulls have since rebounded.
In a tug of war between the bulls and the bears, the former appears to be winning as Litecoin attempts to break the $80 barrier. The cryptocurrency surged to $82, but it is unclear whether the daily candlestick closes above and considers a breakout. A trip to $100 is very likely if the bull market is confirmed. Investors should watch how the price action unfolds next.
If you missed it, please refer to this coin journal analysis On how the Litecoin halving event is affecting the price. However, aside from this significant event, Litecoin could take advantage of slightly improved cryptocurrency sentiment to force a breakout. Most cryptocurrencies are recovering gradually at the time of writing. So how do you determine if a breakout has occurred in the LTC price?
In the technical outlook on the daily chart, LTC momentum is very strong. The daily candlestick has broken through the $80 resistance zone. Buy-side volumes are surging, indicating that buyers are very aggressive with LTC. The price has also moved away from the moving averages and the uptrend line.
We should consider the breakout successful with LTC clearing $80 and the daily candlesticks closing above. If the price crosses this critical level and hits a close, it may attract buyers. LTC could surge close to the potential resistance zone of $100.
Conversely, LTC Price The token may be revised if it falls below $80. We believe the former is more likely, but investors should embrace both.
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