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Can Litecoin {LTC} reach $70 by the end of November? price prediction included

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In accordance with the candlestick chart connected to the LTC/USD pair on tradingview [based on data obtained from the Bitfinex Exchange], one can ascertain that “Silver 2.0” is being backed by buyers, albeit gradually for now. The final 2 peaks tied to the Awesome Oscillator were both brown, which points towards bearish influence increasing in the coming week.

Similarly, in the aftermath of 6th November, the gap between the MACD line and the signal line has contracted, thereby causing the green histogram to decline and appear faded. A trend change may be expected midway through November. The daily RSI [for 14 periods] sits at 57.54 which signifies that Litecoin is advancing through the neutral territory.

Losses further down the line may result in hundreds being involved in panic-selling. The mark of resistance near $64.151 must be broken, or else Litecoin may descend in the market. Support lies adjacent to $54.402.

Litecoin is ranked at #6 beneath Tether in the market. The trading volume recorded is $2.832 billion, whereas the supply has 63,646,658 LTC coins included as part of circulation. The total market cap of Litecoin amounts to $3.95 billion. Litecoin climbed at a rate of 1.19% in the course of the past 24-hours. As of this very moment, LTC is priced at $62.07.

In my opinion, Litecoin may encounter barriers throughout November, as bearish momentum hasn’t subsided completely. $LTC must also look to soar beyond the consolidation limit, with the help of fresh buyers creeping in to impact the altcoin. In the wake of the Litecoin Summit [which took place in Las Vegas this year], many HODLers had anticipated a massive bull-run. However, such a transformation is yet to occur. Although, Litecoin may soon be able to bring in MimbleWimble.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.