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Litecoin (LTC) Price Skyrockets and Breaks 2020’s High as Bulls Push Towards 100 USD.

November 18, 2020

Talking Points:

LTC surges in line with Bitcoin’s (BTC) approach to 17,000 USD and hit a new monthly high of 77.3 USD.

The huge support behind LTC might see the trend continue towards 100 USD.

LTC is up 50% following the lows seen on the 7th of November. The huge surge has followed in BTC’s footsteps, which saw the token hit another new yearly high of 17,888 USD in this mornings trading. The bullish trend might also support LTC to highs over 100 USD if help emerges.

LTC leads the Altcoin Race.

BTC has seen an incredible fourth quarter; however, the same cannot be said for the majority of the market’s altcoins. The decentralized finance (DeFi) market dropped massively following the craze we saw in August and September. But, recovery is slowly becoming visible, with some tokens like SushiSwap, Aave and Maker witnessing massive gains.

Meanwhile, LTC is currently trading at 74.6 USD following a small retreat from the monthly high of 77.3 USD. The correction could hold if the Relative Strength Index (RSI) falls further away from the overbought zone. Currently, the RSI has formed a bearish divergence following hitting higher highs within the overbought zone, followed by a lower high.

LTC/USD Price Chart:

The bullish viewpoint will only continue if the resistance turned support between 67 and 70 USD holds. Additionally, the 50-day simple moving average (SMA) is about to form a golden cross by breaking over the 100 SMA. Trading over the SMA would help LTC towards the prized 100 USD.

IntoTheBlock’s IOMAP supports the bullish sentiment by revealing reducing resistance towards 80 USD. On the other hand, huge support behind LTC was given by the almost 42,000 addresses that had previously bought about 2.6 million LTC between 68 and 70 USD.

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