Litecoin (LTC/USD) Market Hits Resistance at $70
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Litecoin Price Prediction – November 8
There has been exhaustion in the recent LTC/USD trade upward forces as the crypto market hits resistance around the $70 line. Due to a correction that is currently taking place in the cryptocurrency market, the price is currently trading at a negative percentage rate of 4.85, around the $64.08 value point.
LTC/USD Market
Key Levels:
Resistance levels: $70, $75, $80
Support levels: $60, $55, $50
LTC/USD – Daily Chart
The daily chart showcases that the LTC/USD market hits resistance around the $70 trading level as the SMA trend lines are underneath. The 50-day SMA indicator is at $57.97, underneath the $58.76 point of the 14-day SMA indicator. A shift has occurred to put the pivotal support level at $60 against the previous baseline of $50. The Stochastic Oscillators have crossed southbound in the overbought region to 82.47 and 64.33 levels.
Has a dropping mode been established in the LTC/USD market activities around the $70 mark?
A declining pattern has been upheld in the LTC/USD trade operations as the crypto market hits resistance around the $70 trading level. Based on that sentiment, long-position placers stay off executing a buying order. The retracement motion is systemically back to touch a lower point to rebuild support around the trend lines of the SMAs. It may also take some time before getting a laudable stance to give back an upswing afterward.
On the downside of the technical analysis, the emergence of variant trading candlesticks, forming top shadows around the $70 resistance level, has signaled a confirmation of seeing more lows in the subsequent trading sessions below that value line. Technically, sellers wait for fake up-pulls coupling with quick reversals before executing an order in pursuance of their intention.
LTC/BTC Price Analysis
In comparison, Litecoin currently appears to have completed an upward-trending mission versus Bitcoin to a greater extent. The 14-day SMA indicator has swerved the trend line northward and curved over the trend line of the 50-day SMA. The Stochastic Oscillators have tightly conjoined their lines in the overbought region, trying to cross it southbound at 98.63 and 95.90 levels. That sounds like a warning signal against intending to get reliable ups in the following activities.
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