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Litecoin Price Prediction: The Bearish Momentum Looks Strong; LTC/USD Price May Fall Below $60

LTC Price Prediction – November 7

LTC/USD Market

Key Levels:

Resistance levels: $68, $70, $72

Support levels: $56, $54, $52

LTCUSD – Daily Chart

In the early hours of today, LTC/USD has dropped from $64.25 to $61.63 where it is trading currently. It looks like the bulls have run out of steam at the resistance level of $65. Before today, LTC/USD had managed to do three straight bullish days. The hourly breakdown for yesterday and today shows us that LTC/USD had intraday resistance and support at $63 and $62.

After bouncing back on the $62 support level, LTC/USD was able to break past the $63 resistance line to go up to $64.25. Since then, the bears regained control and corrected the price to where it is now. Litecoin (LTC) made an attempt to break above $64 resistance level and had it been it was successful, and then the resistance levels of $68, $70 and $72 could be visited. In other words, the bears swung into action testing the short-term support at $62 while the price is trading above the 9-day Moving Average on the daily chart as well as the 21-day Moving Average.

Meanwhile, should in case the downtrend momentum extends, the moving averages are in line to offer support at $60 and $57 respectively. The stochastic RSI in the same daily range shows that sideways trading is likely to take precedence. It is important that the stochastic RSI remains above level 80 because any downward correction will signal the price breakdown towards the support levels of $56, $54 and $52 respectively.

Looking at the daily chart, comparing LTC with BTC, we can easily see that the pair has eventually broken solid support at 6800 SAT. Litecoin price could see another sharp drop at 6642 SAT support level. Breaking this level could further take the price to the critical support levels at 6400 SAT and 6200 SAT below the moving averages of 9-day and 21-day.

LTCBTC – Daily Chart

However, the Litecoin price is trading at the 6701 SAT level, if the bulls can hold the price as it is and move the market upward, the next key targets for the bulls lie at 6800 SAT and 6900 SAT respectively. Reaching these levels might take it to the potential resistance levels of 7100 SAT and 7300 SAT. Meanwhile, the stochastic RSI is extremely at the overbought zone, indicating a bearish movement for LTC/BTC.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.