Litecoin (LTC) Price Analysis (April 30)
• Litecoin preparing for next bearish trend, breakout imminent.
• Bulls losing momentum.
LTC/USD Medium-term Trend: Ranging
• Resistance levels : $70, $80, $90
• Support levels: $20, $10, $9
Litecoin (LTCUSD) continues in a range-bound market in its medium-term outlook.
Today’s daily session opens at $48.86 in the support area in on a bearish note.
ETHUSD is initially down at $46 in the support area within the range. Price which is above the two EMAs is an indication of an upward price movement within the range.
However, the stochastic signal pointing down at around level 85 % in the overbought region implies the momentum in price of Litecoin may likely change in the future.
LTCUSD is in consolidation, $84.80 is the upper resistance area while $24.53 is the lower support area of the range. A breakout or a breakdown may occur, hence the need for patience and a retest before taking a position.
LTC/USD Short-term Trend: Bullish
The cryptocurrency looks bullish in its short-term outlook. The bullish pressure at $50.19 is weakened due to the formation of the doji candle in the resistance area which signals trend reversal before the close of yesterday session.
As can be seen from the 4-hourly chart today, the session opens at $48.86 in the resistance area in a bullish trend pattern.
Pressure from the bears with a large bearish candle drops the price of Litecoin further to $46 in the support area within the range.
LTCUSD is initially down at $46 in the support area above EMA-50, an indication of gradual returns of sellers in the market.
The stochastic signal pointing down at around level 70% suggest that the momentum in the price of LTCUSD may encounter a trend reversal in the nearby days in its short-term perspective.
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.