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Litecoin Price Prediction: LTC/USD May Fall Below $190 as Bears Resurface

Litecoin Price Prediction
Litecoin Price Prediction

Litecoin Price Prediction – November 5

According the daily chart, traders can see that the Litecoin price prepares for a short-entry bearish level near the $195 level.

LTC/USD Market

Key Levels:

Resistance levels: $220, $230, $240

Support levels: $175, $165, $155

Litecoin Price Prediction
LTCUSD – Daily Chart

At the time of writing, LTC/USD is seen hovering towards the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) slides below 60-level. Meanwhile, a decreasing volume index also suggests a breakdown but a death cross is likely to come into the picture if the red-line of the 9-day moving average crosses below the green-line of the 21-day moving average in the daily chart.

Litecoin Price Prediction: Litecoin (LTC) Ready to Drop More

According to the daily chart, as the Litecoin price moves toward the 9-day and 21-day moving averages, supports are expected at $195 and $185 respectively. The Relative Strength Index (14) is currently flashing a sell signal aiming to cross below 55-level which may be adding weight to the bearish outlook. However, if the 21-day moving average applied to this chart, turned into the support area for this coin, then, the declines are unlikely to extend below $180.

Moreover, should in case the daily bearish candle closes below $180, there is a high probability that the price may reach the support levels of $175, $165, and $155. Meanwhile, if the Litecoin bulls push the price towards the channel, an increase in buy orders might create enough volume to support gains beyond $210. Any further bullish movement may reach the resistance levels of $220, $230, and $240 respectively.

When compares with Bitcoin, traders can see that the Litecoin performance has been very low due to a bearish recurring. At the time of writing, the coin is moving towards the 9-day moving average and crossing below it may cause another sharp drop below the 21-day moving average. Breaking this barrier could further drag the market to the nearest support levels at 3000 SAT and below as the Relative Strength Index (14) moves below 55-level; possible selling pressure is likely if it continues to drop.

LTCBTC – Daily Chart

However, LTC/BTC is currently changing hands at 6582 SAT but if the bulls can hold the price tight and push it above the upper boundary of the channel, the next key resistance could be at 7000 SAT and 7200 SAT respectively. Reaching these levels might move it to the potential resistance at 7300 SAT and above.

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