Litecoin (LTC) Price Analysis (April 27)
• The coin is trading in a sideways market both in the medium-term and in the short-term.
• There has been some bullish effort in recent times, which is not strong enough to override the major bearishness in the market.
LTC/USD Medium-term Trend: Ranging
• Resistance levels : $70, $80, $90
• Support levels: $20, $10, $9
Litecoin continues in a range-bound market in its long-term outlook. The bull's increased momentum pushes the price up to $45.39 in the resistance area, as the market opens yesterday. The price at $44.63 was the close of the day.
The momentum is lost as exhaustion sets in with the formation of the bearish pin bar candle at $44.64 in the support area as the opening price today.
The coin further drops to $44.17 in the support area. Price hovers around the two EMAs, this indicates an undefined trend in the context of the market between the buyers and sellers.
The stochastic oscillator signal is pointing downwards at around level 84% in the overbought region suggests that there may likely be a trend reversal in the price of Litecoin in the future in the medium-term.
Litecoin is in consolidation and trading between $84.80 in the resistance area and $24.53 in the support area.
Patience is required before a position is taken.
LTC/USD Short-term Trend: Ranging
The coin is in consolidation in its short-term outlook. The close of the day at $43.76 in the support area with a wick candle suggests exhaustion of the bearish momentum, hence bulls’ brief return.
The 4-hourly session opens today at $44.64 in the resistance area with the formation of an inverted hammer.
Litecoin further rises to $44.75 in the resistance area. With the price hovering around the two EMAs suggest an undefined trend in the market.
The stochastic oscillator is pointing downward around the level 50%, an indication that the momentum in price may change in the nearby days
Litecoin is ranging and trading between $45.71 in the resistance area and $37.92 in the support area.
However, patience coupled with a retest is needed before a position is taken.
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.