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Litecoin Price Prediction: LTC/USD Retreats Below $280 Level

Litecoin Price Prediction
Litecoin Price Prediction

Litecoin Price Prediction – November 15

The Litecoin price is facing a sharp decline with a loss of 5.34% heading towards the 9-day moving average.

LTC/USD Market

Key Levels:

Resistance levels: $305, $315, $325

Support levels: $230, $220, $210

Litecoin Price Prediction
LTCUSD – Daily Chart

LTC/USD is currently facing the downtrend as the coin keep dropping towards the 9-day and 21-day moving averages. However, the Litecoin price failed to break above the resistance level of $281 as it’s been restricted from touching the upper boundary of the channel. More so, the buyers may need to keep the price movement above the 9-day and 21-day moving averages so as a clear break of the channel may take the coin up to the nearest resistance level of $300 level.

Litecoin Price Prediction: Litecoin (LTC) May Cross Below 9-day MA

The Litecoin price may continue to experience a downtrend if the nearest support of $250 gives way. However, the sell-off may come to play and the market movement may be extended towards the 21-day MA. However, sellers may be more dominant if the bears continue to post firm commitment as the technical indicator Relative Strength index (14) shows a slight downtrend from the overbought region.

Nevertheless, traders could see a sharp drop below the 9-day and 21-day moving averages if the market price drops more; breaking this barrier could further weaken the market to hit the supports at $230, $220, and $210. Therefore, if the buyers manage to fuel the market, traders may expect a further increase above the upper boundary of the channel which could locate the resistance levels of $305, $315, and $325 respectively.

When compares with BTC, the Litecoin price is sliding below the channel and for a trend reversal, there’s a need for an increase in volume to cause an upsurge in the market.  Looking at it presently, the coin is trading towards the 9-day and 21-day moving averages and traders can therefore expect a close support below the 9-day MA before touching the support level of 3800 SAT and below.

LTCBTC – Daily Chart

Presently, there has not been any bullish move for the Litecoin market but if it occurs, it may validates a cross above the upper boundary of the channel and LTC/BTC may touch the nearest resistance at 4400 SAT. Furthermore, traders can then confirm a bull-run to the resistance levels of 4500 SAT and above. On the contrary, the technical indicator Relative Strength Index (14) is leaving the overbought region, which indicates that more bearish signals may come to play.

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