Litecoin (LTC) Price Analysis (April 23)
• LTCUSD is losing momentum and continues in a sideways market range.
• The bulls remain in control within the range.
Resistance Levels : $90, $100, $110
Support Levels: $20, $10, $9
LTC/USD Medium-term Trend: Ranging
The crypto is in a range-bound market in the medium-term outlook. In the last few days, the coin has been trading in a sideways as it can be seen from the chart.
Today’s daily session opens at $41.87 in the support area on a bearish note.
Price further drops to $41.32 in the support area within the range.
Price hovers around the two EMAs suggests an undefined trend in the context of the market.
Hence, the stochastic signal pointing up at around level 39% in the oversold region indicates that the momentum in price of Litecoin may encounter a change in trend in the future.
LTCUSD is in consolidation and trading between $84.83 in the resistance area and $24.30 in the support area within the range.
A breakout at the distribution area or a breakdown at the accumulation area may occur hence patience is required to allow this to happen before a position is taken.
LTC/USD Short-term Trend: Ranging
The coin continues in a range-bound market in its short-term outlook. The formation of the doji candle at $41.88 at the close of yesterday's session signals a trend reversal. Hence bears’ brief return within the range.
The 4-hourly session opens today at 41.87 in the support area on a bearish note as the cryptocurrency continues in the range. The bull’s brief return pushes the price up at $41.88 in the resistance area within the range.
With the price of Litecoin revolving around the two EMAs, this suggests an undefined trend in the context of the market between buyers and sellers.
The stochastic signal pointing down at around level, 70% in the overbought region suggests that the momentum in price of the coin might likely change and sellers may take control of the market in the nearby days.
LTCUSD is in consolidation and trading between $47.64 in the resistance area and $38.07 in the support area of the range.
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.