Litecoin Price Analysis and Prediction (Nov 30, 2017) – LTC Consolidates after Insane Gains, Holding $74 Level To Refuel Bullish Momentum
After a two-week rally above the $74 level Litecoin dropped and remained in consolidation for several days. The bulls are trying to defend this level to support a new rally. It is still uncertain how well they can keep it. Litecoin seemed to be taking a break after a crazy return of around 80% over the past weeks. The coin fell to $70.54 yesterday, after it had fallen to a monthly low at $47.60 and a high of $83.66, but quickly recovered above $84 – the critical resistance that broke last week. This could indicate that Litecoin will soon resume its positive rally. Currently, however, there isn’t enough buying volume in this market. The weekly candle’s $80 price point must be reached before the price can be confirmed as a buy. However, the daily chart is still showing consolidation due to low trading volatility. A strong retracement may occur if the price forms a lower low or higher high on the hourly charts before the price bounces back. Although the price is still in favor of bulls, there’s no indication that they are committed to maintaining momentum. The trend could change in favor of the bears if the bulls don’t show any interest. Litecoin could suffer a severe loss. Source: TradingviewThe price has risen by 8.9% in the last few days. $65.13 is a potential support level for a price drop, especially below $74. A deeper retracement could send the price down to $55.92. In the event of a continuation, Litecoin will need to retake $80, then the $83.66 resistance level. If the market pushes above these levels, it should be able to justify more buying towards the $91.6 resistance. If the market fails here, it will continue to rally to $98.97, and possibly to $106 in coming weeks. Key Resistance Levels are $83.66, $91.6, and $98.97. Key Support Levels are $74, $65.13, and $55.92. Spot Price: $76
Trend: Neutral – Bullish
Disclosure: This article is not intended to be used as investment advice or trading information. Disclosure: This is not trading or investment advice.