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Litecoin bullish breakout.Why buyers should keep their fingers crossed

Litecoin (LTC/USD) once again sees a possible breakout of a key resistance zone at $64. After initially testing the $47 low two days ago, the price surged strongly to this key level. The bulls are now being tested at this key level as the bears are also gaining ground.

This is 11 years Litecoin birthday. Its developers celebrated the blockchain, which was forked from Bitcoin to address the shortcomings of the latter. More than a decade later, Litecoin has remained resilient, although price dynamics tend to hurt it. The Litecoin Foundation says the blockchain has processed more than 33 million transactions so far without any challenges.

With the formation of digital currency, LTC will play a central role. The team behind the blockchain says that over 45 million new LTC addresses have been created in the past 11 months. This figure is roughly equal to 28% of lifetime LTC addresses. Likewise, Litecoin’s mining difficulty reached a new milestone with a hashrate of just under 18 million. Difficulty means miners are competing fiercely for mining rewards.

Buyers will really be praying that LTC clears $64 in it positive developments . From the price action, there may be two possibilities.

LTC corrected slightly below $64 resistance

Source – TradingView

Price Action Indicators show a mixed outlook for LTC. On the one hand, rising prices and a recovery from an RSI reading of 39 suggest an underlying bullish market.

Conversely, LTC has slowed since hitting resistance at $64. The breakout is far from confirmed, so we should still maintain our bearish bias. When should I buy Litecoin?

A break above the $64 resistance will make LTC price Attractive to buyers. Resistance is a key area that has held LTC since June. Therefore, a breakout could welcome a huge move for the cryptocurrency.

If the breakout fails, LTC could continue lower, with the next potential bottom at $50 . Investors should be aware of both these situations before buying.

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