Litecoin price goes ballistic, smashes August 2020 high as bulls prepare for takeoff to $100

By John Isige
November 17, 2020 Updated November 18, 2020
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Litecoin's MimbleWimble Testnet Launch
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  • 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

Bitcoin has had a remarkable fourth quarter, but the same cannot be said regarding most of the market’s altcoins. The decentralized finance (DeFi) sector plunged by huge margins following the boom in August and September. However, recovery is gradually coming into the picture, with selected tokens such as SushiSwap, Aave and Maker posting incredible gains.

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

LTC/USD price chart
LTC/USD price chart by Tradingview

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

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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