Litecoin (LTC) Price Analysis (May 11)
• LTCUSD remains in a range-bound market in the medium-term outlook and looks bearish in its short-term outlook.
• The bears are gaining momentum in the market at the present.
LTC/USD Medium-term Trend: Ranging
• Resistance Levels : $70, $80, $90
• Support Levels: $20, $15, $5
The cryptocurrency continues in a sideways trend in its medium-term perspective as can be seen from the daily chart. The sustained bearish pressure drops the crypto’s price further down to $39.38 as low in the support area during yesterday’s session.
The journey down south continues as the bears open the daily session today again at $42.10 in the support area within the range.
Reactions from the bears now drop the price down further at $41.01 below the two EMAs in the support area. An indication of a downward trend in the price of Litecoin.
The stochastic signal which is also pointing down at around level 25% in the oversold region suggests the bears may continue to dictate the market direction in the medium-term.
LTCUSD is ranging and trading between $84.80 in the upper resistance area and at $24.53 in the lower support area of the range.
Patience coupled with a retest is needed before a position is taken.
LTC/USD Short-term Trend: Bearish
The coin looks bearish in its short-term outlook. The long engulfing bearish candle at $46.95 in the support area sustains the bearish momentum during the yesterday session. The price further drops to $39.98 before the end of the session yesterday.
Today’s 4-hourly session opens with the formation of a bearish inverted hammer at $42.10 in the support area.
The journey to the south continues and drops the price down at $41.02 in the support area.
LTCUSD is down at $41 in the support area below the two EMAs, this indicates the presence of more sellers in the market, in this case, a downtrend.
The stochastic oscillator signal pointing down at level 16% in the oversold region suggests a downward momentum in the price of Litecoin in the short-term.
Hence, sellers may take a position as desired.
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.