- The parabolic SAR in the 12-hour chart has flipped from bullish to bearish.
- The whales are looking to sell their holdings.
Litecoin bounced up from $53 on November 4 to $64.25 on November 7. However, the price has since been on a downtrend and looks to be on course for charting a series of lower highs and lows. Let’s look do some technical and on-chain analysis to predict LTC’s future price movement.
Technicals turn bearish
Litecoin dropped from $64.25 on November 7 to $58 on November 10. This fall prompted the parabolic SAR to flip from bullish to bearish. While the latest candlestick has jumped to $59.65, the overall market momentum remains bearish, as indicated by the MACD.
LTC/USD 12-hour chart
The upside is capped off at the $61 resistance barrier, which is a solid level, as seen in the daily confluence detector. The support walls protect the downside at $59.25, $57.85 and the 50-bar SMA ($55.50). A break below these walls will take the price down to the 200-bar SMA ($53.15) and 100-bar SMA ($51.20). These levels look strong enough to absorb any residual selling pressure.
LTC confluence detector
Santiment’s holders distribution helps us see how the whales have been behaving. The number of tokens holding 1,000 to 10,000 tokens dipped from 3,750 on October 5 to 3,649 at the time of writing. Similarly, the number of addresses holding 10,000 to 100,000 tokens dropped from 408 to 405 in the last 24 hours.
LTC holders distribution
Litecoin is presently going through major price action. The support walls protect the downside at $59.25, $57.85 and the 50-bar SMA ($55.50). These walls should be strong enough to absorb a tremendous amount of selling pressure.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.