Litecoin (LTC) surges past $65 as it grows by 7%

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 16, 2020
  • Litecoin (LTC) price surged by 7% over the last 12 hours.
  • The unexpected surge allowed the coin to breach a resistance level at $65.
  • LTC almost hit $68, but its price started seeing another rejection before it could do it.

Litecoin (LTC) price recently surged quite strongly in an attempt to breach a strong barrier that has been keeping it down for a long time. The coin’s sudden growth started earlier today, and in only a few hours, LTC went up by 7%, from $62.31 to $67.80 before its price saw a minor rejection.

Litecoin in 2020

Litecoin saw quite a bit of activity throughout the year, but despite all the surges that came in the second half of 2020, it never managed to go as high up as it did in the first month and a half.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Between January 1st and February 15th of 2020, LTC price went up from its bottom at $40, to the yearly high of $83. The coin’s largest resistance was $80, and LTC barely managed to breach it before its price was rejected. Its second attempt at breaching it was then interrupted by the mid-March price crash, caused by coronavirus fears.

LTC hit bottom, and then it threatened to breach it and go even lower. This did happen briefly, although the coin’s recovery was swift after that, and it was not long before LTC once again climbed above $40. Over the following months, it was stuck between $40 and $50, and it finally managed to leave this belt in late July.

Litecoin’s ascension

LTC climbed up to $60, spending the rest of the summer around this level, before another price drop in early September forced it down towards $45. However, as October started approaching its end, the coin’s price once again surged to $60, and the past few weeks have seen it struggle to breach a resistance at $65.

Today, LTC finally managed to do it, going up to $67.80, before seeing a minor rejection.

At the time of writing, the coin still sits above $65, although it is struggling to turn this level into a support. Despite the fact that many have started buying Litecoin (LTC) as a result of the surge, it might be that the price will once again drop, in hours and days to come.

However, if LTC manages to persist, it might open up a way to new highs, and even head up towards $80 once again.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money