LTC Price Prediction – November 9
Litecoin (LTC) manages to sustain its position amidst volatility as the bulls maintain the desire to defend the $60 support and break $65 resistance.
Resistance levels: $68, $70, $72
Support levels: $54, $52, $50
In recent days, LTC/USD price has remained above $60. The immediate upside is also extremely limited to $64. On the downside, several support levels have been instrumental, including the upward trend line, the 9-day moving average of the daily chart and the 21-day moving average at $58. The price action during Asian trading hours has been relatively bullish.
Moreover, the prevailing momentum is relatively bullish with Litecoin trending towards the $64 resistance level. The bullish leg has a strong foundation from the support offered at the 9-day MA and the trend line. As at the time of writing, LTC/USD is changing hands at $61.02. Despite some range-bound trading, the coin still remains under the upward movement after a strong buy on November 4.
The market structure has revealed that LTC is still sitting at $60.01. If the price level can hold well, we may see a buyback at $65 resistance before moving up. But as it stands now, the bulls may be looking for close support before climbing higher. However, if the bulls try to move above the $65 resistance level, the next level of potential resistance lies at $68, $70 and $72 while the supports can be found at $54, $52 and $50. The stochastic RSI is moving towards the oversold zone, reflecting a bullish step back in the market.
When compared with Bitcoin, Litecoin has remained fairly static. However, we have seen an increase from 6887 SAT to 6975 SAT today – where resistance was found. The recent increase has also allowed the cryptocurrency to climb above the 9-day and 21-day moving averages which is a promising sign for buyers.
From above, if the bulls can break above 7000 SAT, higher resistance is then located at 7300 SAT. This is then followed with potential resistance levels at 7500 SAT and 7700 SAT. From below, the nearest level of support now lies at 6700 SAT. Beneath this, further support is at 6400 SAT and 6200 SAT respectively. Likewise, the stochastic RSI has broken above the 80 level which is a promising sign for the bulls as the momentum is on their side.
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