[ad_1]
On November 6, Litecoin’s impressive run to the high of $ 64 created a bearish reaction. On November 7, the coin plunged to a low of $ 57. The bulls responded promptly by pushing the price to a high of $ 62.
Unfortunately, buyers failed to sustain the bullish trend as they failed to push the price above the $ 62 high. As a result, LTC continued to fall to the downside. The bottom line is that if the price falls and breaks below the SMA or the $ 51 support, the selling pressure will persist.
The coin could drop to as low as $ 50. Conversely, if LTC falls and finds support above $ 51, the bullish momentum will resume. A strong bounce above the $ 51 support will push the price to retest the $ 64 resistance. Eventually, if the $ 64 resistance is breached, a rally above $ 68 is possible. LTC is down and has reached a high. $ 58 minimum at the time of writing.
Analysis of the Litecoin indicator
The price broke above the resistance line of the ascending channel. The downtrend may start below the SMAs. However, if the price finds support above the 21-day SMA, the downtrend will reach bearish exhaustion. LTC is now at period 14 level 58 of the relative strength index. Indicates that the coin is in the uptrend zone.
Key Resistance Levels: $ 80, $ 100, $ 120
Key Support Levels: $ 50, $ 40, $ 20
What’s the next move for Litecoin?
Litecoin’s downtrend has eased as the bulls hold the support at $ 51. Chances are for further upward movement. Bullish trend on 24 October; the retracement candle body tested the 61.8% Fibonacci retracement level. This indicates that LTC will rise to 1,618 Fibonacci Extensions. That is, Litecoin will hit a high of $ 69.70.
Disclaimer. This analysis and prediction are the author’s personal opinions which are not a recommendation to buy or sell cryptocurrency and should not be seen as an endorsement by CoinIdol. Readers should do their own research before investing the funds.
