Litecoin (LTC) Price Analysis (April 22)
• LTCUSD continues in a sideways market range.
• The bulls remain in control within the range..
LTC/USD Medium-term Trend: Ranging
Litecoin is in a range-bound market in its medium-term outlook. The bulls dominate the market making a high of $41.40 in the resistance area during yesterday's session.
Today’s daily session opens on a bullish note at $40.69 in the resistance area within the range.
Price is initially up at $41.04 in the resistance area. With price revolving around the two EMAs, this indicates an undefined control of the market between the bulls and the bears as the cryptocurrency consolidates.
The stochastic oscillator pointing downwards at around level 27% in the oversold region suggests that the momentum in the price of LTCUSD may experience a change in trend in the days ahead within the range in the medium-term outlook.
LTCUSD is ranging and trading between $84.80 in the upper resistance area and $24.53 in the lower support area within the range. A breakout at the upper resistance area or breakdown at the lower support area followed by a retest may occur hence, patience is required to allow this to happen before a position is taken.
LTC/USD Short-term Trend: Ranging
The coin is in a range-bound market in its short-term perspective. The bullish doji candle formation at $40.69 in the resistance area signals the bulls’ return as the 4-hourly session opens today.
LTCUSD is initially up at $40.04 in the resistance area above the EMA-9, which implies the bulls are trying to take over the market gradually.
The stochastic oscillator signal pointing upwards at around level 30% in the overbought region suggests the bulls might remain in control of the coin in the future.
Litecoin is trading sideways between $47.64 in the upper resistance area and $38.07 in the lower support area within the range in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.