Litecoin Price Prediction – November 22
The Litecoin price continues to drop with a loss of 6.12% as the coin prepares to break may supports.
Resistance levels: $260, $280, $300
Support levels: $175, $155, $135
LTC/USD experiences a 6.12% price drop over the past 24 hours of trading which may be caused by the fact that Bitcoin is also dropping. The Litecoin price is now trading below the 9-day and 21-day moving averages within the channel but looks like it might be heading beneath. Meanwhile, a break towards the lower boundary of the channel could see LTC/USD moving towards the support level of $190.
Litecoin Price Prediction: Litecoin (LTC) May Display More Bearish Signals
Analyzing the daily chart, traders can see the Litecoin price heading towards the south. It has been struggling to break above the 21-day MA over the past few days of trading. However, as the pair moves below this barrier, the market can be considered as a bearish at the moment because the Relative Strength Index (14) is moving to cross below 45-level. However, it looks like that the sellers may be increasing their momentum in the next few days which could certainly result in Litecoin falling below the lower boundary of the channel.
On the downside, the first level of support lies at $190. This may be followed by another support at $180 which is expected to prevent the market from falling further. Meanwhile, if the selling continues, traders can expect added support at $175, $155, and $135. From the upside, crossing above the moving averages could hit the resistance levels of $260, $280, and $300.
When compares with BTC, the bears are making an attempt to step back into the market. At the moment, the Litecoin price is trying to cross below the 21-day moving average. From the upside, the nearest resistance level is located near the upper boundary of the channel at 4200 SAT and above.
Meanwhile, from the downside; any bearish movement below the 21-day moving average could hit the nearest support level at 3400 SAT and below. Meanwhile, the technical indicator Relative Strength Index (14) is confirming the bearish movement as the signal line moves below 55-level, which shows that more bearish signals may come to play.
Looking to buy or trade Litecoin (LTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider