Litecoin (LTC) Price Analysis – November 21
Litecoin absorbs losses with a sharp drop from the $54 level. All technical levels have become negative in the face of increased volatility of the crypto.
LTC/USD Market
Key Levels:
Resistance levels: $56, $58, $60
Support levels: $44, $42, $40
Since November 11, LTC trading has been following a bearish scenario as price action drops on a daily basis except for a few days (November 16 – 17) that the price experienced some bullish movement. Similarly, moving in the descending channel below the 9-day and 21-day MA, Litecoin is currently trading around $50.61 support following this week’s heavy selling pressure in the market over the past 4-days of trading.
At the time of writing, the bearish scenario is even more dominant as sellers continue to post firm commitments. We could see a sharp drop in support of $48 and $46. Breaking the aforementioned supports could further weaken the market to $44, $42 and $40. A higher possible swing is likely to retest the previous resistance levels of $52 and $054.
Meanwhile, if the bulls manage to fuel the market with the mentioned resistance levels, we may expect a further increase to $56, $58 and $60. RSI (14) is now showing a downward trend, indicating the latest selling pressure on the market.
LTC/BTC Market
Looking at the daily chart, comparing LTC with BTC, the pair has eventually broken another solid support at the 6550 SAT. the Litecoin price could see another sharp drop at 6400 SAT support level. Breaking this could further take the market to the nearest support levels at 6300 SAT, 6200 SAT, and 6100 SAT.
However, the LTC price is now trading at the 6636 SAT level, if the bulls can hold the price as it is and move the market to the next level, the next key targets for the bulls lie at 6800 SAT and 6900 SAT respectively. Reaching these levels might move it to 7100 SAT, 7200 SAT, and 7300 SAT resistance levels. Meanwhile, RSI (14) is now moving above level 40, indicating a bearish movement for the market.
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