Litecoin (LTC) Price Analysis – October 28
The LTC/USD created a top at $64.10 on October 26 only to retreat back inside the range.
Resistance levels: $70, $75, $80
Support levels: $45, $40, $35
Litecoin (LTC) has repeatedly proven its potential in the market but today, LTC/USD is facing a loss. A few days ago, we saw the coin dealing with the bears. The market pressure was huge and a lot of traders also lost hope. Well, the coin has fought against the pressure and started to position itself in the best range today.
In the last five days, LTC has recorded the highest value moving from $49.45 to touch $64.25 but as at the time of writing, LTC/USD is changing hands at $59.59. The on-going trend may move a little bit higher this week, and the coin may likely touch the nearest resistance at $65 before the end of the week. If the bulls put more effort, it could hit additional resistance levels at $70, $75 and $80 respectively.
Moreover, should in case the bulls failed, the Litecoin’s price will continue to drop and move down to cross the 9-day and 21-day MA. The support levels to watch out for are $45, $40 and $35. The RSI (14) is moving towards level 50.
Comparing with Bitcoin, Litecoin continues to trend bearishly as the support further outweighs the resistance. For a trend reversal, there’s a need for an increasing volume and resistance to cause an upsurge in the market. Now, the coin is trading below the moving averages of 9-day and 21-day at 6201 SAT. We can expect close support at the 6000 SAT before breaking to 5700 SAT and potentially 5500 SAT support.
Currently, there’s no sign of bullish move for the LTC market. However, if a bullish move occurs and validates a break significantly above the 9-day and 21-day MA to hit the nearest resistance at 6700 SAT; we can then confirm a bull-run for the LTC/BTC pair. For now, the closest resistance lies at 6900 SAT and 7000 SAT while the stochastic RSI indicator shows increasing bearish momentum.
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