Home Litecoin Litecoin price to provide buy opportunity before LTC shoots for $320

Litecoin price to provide buy opportunity before LTC shoots for $320

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  • Litecoin worth seems to be able to make a large transfer because it flips the $232.94 resistance barrier to assist.
  • This transfer is prone to be accompanied by an explosive 40% ascent to $322.31.
  • A every day shut beneath $189.75 will invalidate the bullish thesis for LTC.

Litecoin worth has been on a gradual uptrend since September 29 however exploded on November 8. This unstable transfer has breached a crucial barrier and turned it to the bulls’ benefit, suggesting that an upswing is probably going.

Litecoin worth prepares for increased highs

Litecoin worth rose 77% since September 29 and has sliced by way of the $232.94 resistance barrier. Whereas it has over this hurdle, it must bounce off to verify a conversion right into a assist stage. Subsequently, a retest of $232.94 would be the shopping for alternative for traders who missed the primary spike in worth.

The bounce from this barrier will possible push Litecoin worth to shatter the 50% Fibonacci extension stage at $258.84, serving as a secondary affirmation of the bull rally. LTC will proceed this ascent if the bullish momentum continues to pour in, permitting it to retest the 70.5% Fibonacci retracement stage at $322.31. 

Whereas an additional ascent of LTC market worth is feasible, Litecoin worth wants to supply a every day shut above $348.63. Assuming it does, the consumers will possible push the altcoin to retest the vary excessive at $413.65. This transfer, nevertheless, would represent a 77% gain from $232.94.

LTC/USDT 1-day chart

LTC/USDT 1-day chart

Whatever the bullish outlook, Litecoin worth wants to supply a every day shut above $258.84 and maintain the $232.94 assist stage. Failing to take action will possible end in a downtrend to $189.75. Whereas LTC would possibly bounce off this barrier to restart an uptrend, a every day shut beneath it will produce a decrease low, invalidating the bullish thesis. 

In such a case, Litecoin worth would revisit the proximity assist flooring at $117.90 or $170.61.


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