- Litecoin to retest $64, expert Litecoin price prediction.
- LTC testing $60 range, facing strong resistance.
- LTC has strong support at the $59 mark.
The Litecoin price prediction by Trading Guru suggests that the cryptocurrency will retest the $64 mark, and then break upwards to reach the $68 level. We can see that the cryptocurrency observed a downtrend on the 7th of November.
1-Day Litecoin price analysis
The price fell to a day’s low of $56.99, after which it gradually recovered price and moved to the $60 mark. For the day’s highest, the cryptocurrency reached the $64.87 mark in the first quarter of the 7th of November. At the time of writing, LTC was priced at $59.60.
Litecoin price prediction: Retest of $64 ahead?
In Trading Guru’s technical analysis of the LTCUSD pair, we can see that the price is expected to find support near the bottom three levels found in the $41.50 to $51.80 range. Per the idea, the price is expected to rise towards the $68 level which lies at the top of the setup.
The cryptocurrency tested the $64 level on the 7th of November, after which it saw a pullback. The analyst believes that this level is extremely important for the LTCUSD pair, and the price will always see the first resistance level here, once it observes a major surge in the price. This is a key resistance zone, and Litecoin needs to break it towards the upside and then form support here.
The altcoin will enter a long trade if it breaks $64 and moves upwards, as the cryptocurrency will then look towards running to the $68 mark. The final rise towards the $68 level will follow a resting trade between the $64 to $66 level before the cryptocurrency can build enough momentum to move upwards.
Trading the LTCUSD pair
The Trading View analyst Abu Sushi believes that the cryptocurrency has two trading pathways that it can take at this moment. Per the Litecoin price prediction, we can see that the LTC price was testing a falling resistance marked in orange.
Per the first scenario, the cryptocurrency will turn bullish if it breaks above the orange line. This close will have to be a daily close, and this will open new targets towards the upside with a long trade entry-level. For this trade, the entry-level for the buyers should be near the red or the green support levels. If the daily candle closes below either of the two support levels mentioned here, that will invalidate this bullish scenario.
The second scenario includes a short entry-level for the LTCUSD pair. In this bearish case, the traders should sell the asset near the orange line, and then the target price should be expected near the red line. Once the price closes below the red line, another entry-level should be assumed here for a target near the green line.
The Relative Strength Index (RSI) moves above 70.00, which means that Litecoin is currently in the overbought zone. However, a divergence may turn up next as the price has hit a strong resistance line. The RSI indicator may turn towards the downside and a price correction may follow.