Litecoin price is retreating from the recent high near $65 level. LTCUSD price could decline further, but it remains supported near $60 level.
Yesterday, November 6, the price of Litecoin (LTC) was bullish in a trend. LTC bulls have dominated the market for the past 3 days. However, it seems the bulls are getting tired after pushing Litecoin price to the resistance level of $65.
Today, November 7, Litecoin price is correcting lower. At the time of writing, the coin is changing hands at the $62 price level.
On the upside, if more buyers emerge, the crypto’s price rise will rise to retest the $65 resistance level.
On the other hand, if the price fails to stay above $62, there could be an extended decline towards the $58 support level. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, LTCUSD price is in a bearish trend. After bouncing off $62, the pair was able to break past the $63 resistance level to go up to $64. Thereafter, the bears regained control and corrected the price around $62.
It seems like there could be another decline towards the $60 and support level before the price rebounds and climbs again. On the upside, the bulls need to gain pace above the $62 resistance to set the stage for more upsides.
The MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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