Litecoin Price Prediction – November 11
The Litecoin price is currently changing hands at $262.10 as the technical indicator Relative Strength Index (14) remains within the overbought region.
LTC/USD Market
Key Levels:
Resistance levels: $300, $310, $320
Support levels: $225, $215, $205
LTC/USD is currently trading at around $262 and once it manages to surpass the potential resistance of $275, the next target may be located at $300 where it crossed yesterday. However, a bearish movement from here may send the price below $250 as the last 48-hours surge is supported at this support level. Therefore, if this level fails to hold strong, the Litecoin price could slip back towards the lower boundary of the channel.
Litecoin Price Prediction: Litecoin (LTC) May Rebound
Looking at the current market movement, traders can see that bulls are coming back into the market. Moreover, if the bulls put more effort and push the Litecoin price above the upper boundary of the channel, then LTC/USD may hit the resistance levels of $300, $310, and $320 respectively. In addition, any further movement above these key resistance levels may likely encourage more buyers to come into the market.
However, a break below the 9-day moving average may provoke a deep decline towards the critical supports at $225, $215, and $205. Meanwhile, the technical indicator Relative Strength Index (14) reveals that the Litecoin may exhibit the tendencies to follow an upward trend as the signal line remains within the overbought region which may cause the market to remain stable at the upside.
Against Bitcoin, the LTC price is likely to cross above the upper boundary of the channel in other to reach the resistance at 4300 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 towards the lower boundary of the channel could refresh lows under 4000 SAT and a possible bearish continuation may likely meet the major support at 3600 SAT and below while the buyers may push the coin to the potential resistance at 4500 SAT and above. More so, the Relative Strength Index (14) moves within the overbought region, suggesting more bullish signals.
Looking to buy or trade Litecoin (LTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
