Litecoin has been in a range bound trading mode consisting of $55 to $75 range for the past two months. This therefore means that it could be greatly headed for a break out depending on the market condition in November.
1. Support Levels: The $62 has supported a price level throughout October so far. Bearish sentiment again may occur in the future leading to this level giving LTC holders a safety net to selling their coins. A move below this level may trigger more weakness and take Litecoin towards $55.
2. Resistance Levels: On the positive side, $74 remains a critical barrier in the north. If Litecoin climbs above this resistance it has the next significant level at $78. A continued trade above it would create even more accumulation requests, putting Litecoin in a position to move toward $85 or further.
3. Relative Strength Index (RSI): As we can see now, Litecoin has 55 of RSI, which is in the mid region, meaning that it has neutral momentum. If the RSI goes above 60 in mid-November, this will signal more bulls sentiment on the currency.
Read More: What to Expect in November 2024