Litecoin eyes strong end to 2020 amid Bitcoin resistance

Litecoin wishes sustained upward power above $130 to focus on its easiest worth degree since June 2019

Litecoin (LTC) has confronted sturdy resistance at $130 however may just finish the 12 months on a prime if bulls toughen above the barrier inside of the following few hours.

On the time of writing, the LTC/USD pair is converting palms round $128, 1.four% down previously hour however up three% at the day and 16% over the last seven days.

Litecoin’s worth motion may just additionally make or smash above the $130 degree relying on what occurs with Bitcoin (BTC). The certain outlook may just toughen if BTC rallies above $28,000 and breaks the resistance line that has curtailed its dominance index over the previous couple of days.

In the meantime, LTC costs would possibly sell off if bulls fail to take initiative, permitting bears to focus on costs round $95—$93.

Is LTC/USD in a position for any other leg up?

Litecoin’s fresh upside power noticed its worth double, surging from lows of $70 to inside of cents off $140.

The bullish momentum, on the other hand, wasn’t sturdy sufficient to propel LTC worth over the hurdle. The remaining 3 days noticed a retreat to lows of $120, with makes an attempt at retesting $140 thwarted by means of the presence of a bearish wall round $130.

As may also be observed at the day-to-day chart, bulls want to smash above the $130 resistance degree and maintain the momentum in opposition to fresh highs. If the upward motion holds, LTC/USD may just breach resistance at $146 to focus on a per month shut above $150, the easiest worth degree since June 2019.

LTC/USD day-to-day chart. Supply: TradingView

To the contrary, if the associated fee falls because of an altcoin sell-off, an preliminary toughen zone is on the 20-EMA ($111) and the mental degree at $100. Additional declines may just see patrons search to protect features on the major toughen ranges round $95 and the 50-EMA ($93).

Bitcoin dominance index chart. Supply: TradingView

As famous above, quick time period worth motion for LTC/USD is most probably going to reflect that of Bitcoin (BTC). The 2 property generally tend to correlate closely. So, as BTC/USD is poised to move above $28ok once more, Litecoin may just have the benefit of the upside wave and submit additional features. The similar outlook may just materialise if the Bitcoin dominance index (BTC.D) breaks upper above 70.

If we have a look at the per month candle chart above, BTC.D is trending in an ascending triangle trend. This implies that there’s doable for the dominance index to damage upper, most probably triggering a massacre for altcoins. Or it would flinch off the resistance and dip as altcoins toughen.

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