Litecoin price has plunged to a low of $57 as of today after the LTCUSD pair peaked at $64 on November 6. Will the downtrend continue?
Yesterday, November 14, the price of Litecoin (LTC) was trading in a bearish trend. Recently, the bulls were resisted at the $65.00 level. As a result, Litecoin price decline below the $62.00 support level to move into the bearish trend zone.
Moreover, there was a break below a major bullish trend line with support near $61.00 on the 4-hours chart. At the time of writing, LTC is now trading at the $59 support level.
On the downside, if the bearish trend continues, the coin will find support at the $57.00 and $55.00 levels.
On the other hand, if more buyers emerge, the crypto’s price will face resistance at the $61 level. Above this, higher resistance lies at $63. If the buying pressure persists above the $63 resistance, then further resistance may be found at $64, $66, and $68.
In the meantime, 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, the LTC price is in a bearish trend. The pair has dropped below key supports near $62.00 and $60.00. Hence, there is a risk of more losses below the $59.00 support level.
The main region where the bulls could regain control of the market is near the $57.00 level. On the upside, a close above $62.00 is a must for a fresh increase to $65.00. Meanwhile, 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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