Sign Up on MEXCLitecoin price goes ballistic, smashes August 2020 high as bulls prepare for takeoff to $100
- Litecoin took off in tandem with Bitcoin’s approach to $17,000 and traded a monthly high of $77.3.
- Immense support behind LTC could see the uptrend resumed towards $100.
Litecoin is up 50% since the lows traded on November 7. The massive rally has followed Bitcoin’s footsteps, which achieved another new yearly high of $16,895 on Monday. The bullish momentum could also lift Litecoin to highs above $100 if higher support emerges.
Litecoin leads the altcoin boom
Meanwhile, Litecoin is trading at $72 following a minor retreat from the recent monthly at $77.3. The correction might hold if the Relative Strength Index (RSI) retreats further from the overbought. At the moment, the RSI has formed a bearish divergence after hitting a higher high within the overbought, followed by a lower high.
BTC/USD daily chart
The bullish outlook will only hold if the resistance turned support between $67 and $70 remains intact. Moreover, the 50 Simple Moving Average is about to create a golden cross by stepping above the 100 SMA. Trading above the monthly would boost LTC towards the coveted $100.
IntoTheBlock’s IOMAP validates the bullish scenario by revealing reducing resistance towards $80. On the flip side, immense behind Litecoin was provided by the nearly 42,000 addresses that had previously bought about 2.6 million LTC between $68 and $70.
Litecoin Intraday Levels
Spot rate: $72.6
Relative change: -1.3
Percentage change: -1.7%
Trend: Bearish
Volatility: High
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