LTC/USD Breaks Above $200 Level

Litecoin Price Prediction – November 7

The Litecoin price prediction could see a significant short-term rally as the cryptocurrency could see a decline below the moving averages.

LTC/USD Market

Key Levels:

Resistance levels: $220, $230, $240

Support levels: $175, $165, $155

LTC/USD looks to be on the verge of a breakout and could start moving towards the upside as the coin remains above the 9-day and 21-day moving averages. An early day rally towards the $210 level is yet to generate the sustainable gains. Meanwhile, the longer that the crypto fails to rally from the current trading level; the greater the chance that we may see it falling touching a new month trading low.

Litecoin Price Prediction: Litecoin (LTC) May Stay Above the $200 Level

As the daily chart reveals, the Litecoin price is hovering around the 9-day and 21-day moving averages and a break below this barrier may provoke an even deeper decline towards the $175, $165, and $155 support levels. Therefore, the short-term technical analysis shows that the $190 and $180 levels remain the strongest forms of technical support.

At the time of writing, the daily chart highlights that the $210 level is a key technical region in which bulls need to break. Further bullish movement could reach the resistance levels at $220, $230, and $240. However, the technical indicator Relative Strength Index (14) is likely to cross above 60-level which may likely cause the market to resume the uptrends.

When compares with Bitcoin, Litecoin (LTC) has been hovering in a very different way. But currently, the market continue to move sideways above the 9-day and 21-day moving averages. Therefore, the technical indicator Relative Strength Index (14) remains below 50-level which may keep the bearish signals into the market.

However, the technical indicator gives sellers the confidence to increase their entries. In fact, if the bears manage to break the price, the market would be expected to fall to the support level of 3000 SAT and below. Meanwhile, a bounce could take them to resistance level at 3500 SAT and above

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