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Why LTC May Not Offer A Buying Opportunity Upon The Retest of $60 as Support

1 min read Original Link

In early November, Litecoin attempted to break out past the $63 resistance level with a strong show of force. For a few days, the bullish mission was successful. Even though the $72-$80 region would pose stiff resistance, it appeared that Litecoin could make that push higher. Bitcoin, too, had a bullish aura when the price reached the $21.5k mark.

Michael Saylor’s mention of Litecoin in recent hours saw the coin experience a hike in social dominance, but no strong effect was seen on the price charts. Lower timeframe charts showed LTC to be in a downtrend, and a move below $60 could see LTC drop all the way down to $50. With Bitcoin beneath the $16.2k support, the bulls could soon face a rough time.

Litecoin retests midrange as support but patience could be key

Mean coin age in decline to show increased coin movement between addresses


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