Litecoin remains bullish, but it must overcome a key level

  • Litecoin has gained 13% in the past week

  • The network ended 2022 with record transactions

  • Investors speculate further gains, although $80 is a crucial level to watch

Litecoin (LTC/USD) began 2023 on a strong footing. The cryptocurrency is among the top gainers, with a gain of nearly 13% in the week. That comes even as trading volumes rise, with an intraday 22% surge. Does this send a bullish note?

2022 may be a difficult year for all cryptocurrencies, including Litecoin. However, Litecoin saw increasing growth, with 52 million new addresses. According to Litecoin’s update on the last day of 2022, the network processed over 39 million transactions last year. This is a new record, which investors could look at to predict a bullish push in 2023. 

DeFi firm Abra CEO Bill Barhydt thinks Litecoin is “important.” Barhydt says Litecoin is the only p2p decentralised payment ecosystem that has outlived 10 years of uptime. He says Litecoin is also superior to Bitcoin in terms of testing new technologies.

Digging deeper into 2023, analysts expect it to be a busy year for Litecoin. Galaxy Trading expects the token to return up to 100% heading into LTC’s halving event. The price has already been reacting to these important developments.

LTC price outlook as token retests resistance

LTC/USD Chart by TradingView

On the daily chart, LTC is testing a resistance zone around $77-$80. The price has maintained along a short-term trendline after bouncing off from the $64 support. The MACD indicator has turned bullish and shifted above the neutral zone.

Is LTC attractive?

The gain by LTC is an opportunity for buyers to ride the bullish push in 2023. However, sustained gains in the cryptocurrency will depend on whether bulls will overcome resistance at $80. The cryptocurrency is retesting the resistance with an opportunity for a breakout. Investors can buy LTC on the breakout. 

On the flip side, investors could watch how LTC behaves at the short-term trendline. A drop below the trendline could see the cryptocurrency retest the support at $64.

Where to buy LTC

 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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