Litecoin price stagnation. Will the token maintain its upward trend?

adminDecember 3, 2023

Litecoin had a strong rally in November.
The cryptocurrency has witnessed a cumulative increase over the past month.
LTC found resistance at $80, paving the way for a breakout or correction.

A strong surge in November pushed Litecoin (LTC/USD) up to $83. This is almost double the price of $47 on November 9th. The rise also pushed LTC above a critical resistance level and paved the way for further upside in the cryptocurrency. However, LTC has been consolidating for over a week since reaching higher levels.

Like Coin Journal in the past reported, Litecoin’s halving event just a few months away could boost LTC gains. If the event turns out to be as impactful as it was in the past, the buyer has not yet completed the LTC. A breakout may occur and a price above $100 is inevitable.

Moreover, one prominent cryptocurrency analyst predicts that LTC will outperform Bitcoin. Strategist Justin Bennett said he is bullish on Litecoin in the near term. The comments come as big whales accumulated at least $40 million worth of LTC in the last two months of November. Positive fundamentals could help LTC maintain its upward trajectory. $80 turns out to be an important level for strength in the next bull cycle.

LTC found resistance at $80 amidst bullish momentum.

TradingView LTC/USD Chart

On the technical outlook, LTC retested $80 resistance and buyers were rejected again. The uptrend remains intact as the token makes higher highs and lower lows, but the price is correcting.

Moving averages are bullish for LTC and provide support for the cryptocurrency. RSI remains above the midpoint but below overbought levels. However, the RSI is coming from oversold levels, indicating that profit-taking may be behind an ongoing correction.

What’s next for LTC?

Litecoin price The strong momentum could sustain the uptrend, but buyers would push it past the $80 barrier. The token may undergo a correction to its moving averages before continuing its surge.

Investors should watch around the $70 region for a correction to occur. This level coincides with the 50% retracement or 50-day MA.

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