Litecoin short-term Price Analysis: 17 November

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Litecoin short-term Price Analysis: 17 November

The price of Litecoin has been marching higher every passing hour and reached a value of $74.18, at press time. The surge observed in the Bitcoin market was a driving factor for Litecoin and the remaining altcoin market. However, this push has also given rise to a bearish trend in the market, which may result in a correction of the current price.


Source: LTC/USD on TradingView

The above hourly chart of Litecoin noted that its value had dipped under the support at $62.26, however, this was just a brief diversion. The price immediately bounced higher and surpassed the resistance at $64.61 and reached $74 without much hesitation. This price rise happened in a way to give rise to an ascending channel.

The formation of an ascending channel marked a trend reversal. The current bullish market has been painting signs of reversal and a chance to open short positions.

Learn more about the analysis here.