LTC Price Prediction – November 11
LTC/USD manages to maintain its position, while the bulls maintain the desire to defend the support at $55.
Resistance levels: $65, $67, $69
Support levels: $52, $50, $48
After being locked below the 9-day moving average on the price charts yesterday, LTC/USD undergoes a much-needed break to the positive side as the market opens today. The coin is seen posting gains of over 3.52% in the last 24 hours, with the coin trading above the 9-day and 21-day moving averages and at a price of $60.01 at the time of writing.
What to Expect from Litecoin (LTC)
LTC/USD resumes back in the middle of consolidation after a slight drop from 64.87 a few days ago. The price is now roaming around the $60 level. If the market continues the surge and squeeze, the $62 resistance level is likely to surface in the next few positive moves. More so, LTC/USD pair might further look for higher price levels if the bulls continue to show commitment.
However, the market is currently displaying a sign of subduing volatility with choppy price action. However, if the Litecoin price decides to stay under the control of bears, the price may roll back to the previous supports at $52, $50, and $48. But on the upside, we can expect the next level of resistance at $65, $67, and $69. Moreover, the RSI (14) is moving below the $40-level, which indicates that bullish movement may come into focus.
Comparing with BTC, the Litecoin price is making an attempt to cross the 9-day moving average in other to reach the resistance at 4000 SAT. Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect the long-term bullish reversal.
However, trading below the moving averages could refresh lows under 3700 SAT and a possible bearish continuation may likely meet the major support at 3600 SAT before falling to 3500 SAT and below while the buyers may push the coin to the potential resistance at 4100 SAT and above as the RSI (14) moves below the 40-level, suggesting more bearish signals.