Litecoin (LTC) Price Analysis (May 1)
• The cryptocurrency is in a range-bound market in the medium-term and in an uptrend in the short-term.
• LTCUSD is showing a few bullish signs and could continue to rise if it reaches $70.
LTC/USD Medium-term Trend: Ranging
• Resistance levels : $70, $80, $90
• Support levels: $20, $10, $9
Litecoin continues to trade in a range-bound market in its medium-term perspective. The bearish momentum at $45.78 in the support area is lost during yesterday session.
Today’s daily open candle at $46.39 in the resistance area which is bullish returns the cryptocurrency back within the range. The coin is initially up at $47.95 in the resistance area.
Price is above the two EMAs which are closed together, implies that the bulls are returning to the market gradually.
The stochastic signal pointing down at around level 74% indicates that the coin may encounter a trend reversal in the days ahead.
LTCUSD is in consolidation and it is necessary to wait to verify if the price will return to above the resistance level or if it will do a pull back to continue its downward trend in the medium-term.
LTC/USD Short-term Trend: Bullish
The coin looks bullish on the 4-hourly chart. The price may likely bounce up again in the short-term.
The 4-hourly session opens today at $46.39 is on a bullish note. Price is up at $47.95 in the resistance area.
With the price above the two EMAs and the stochastic signal pointing upwards at around level 36% in the oversold region indicate that the momentum in price of Litecoin might remain in an uptrend 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.