Litecoin (LTC) Price Analysis (May 12)
• LTCUSD- a break-up or break-down is imminent.
• Bulls are showing up again in a grand style in the short-term.
LTC/USD Medium-term Trend: Ranging
• Resistance Levels : $70, $80, $90
• Support Levels: $20, $15, $5
Litecoin is ranging in its medium-term outlook. The price is in a sideways trend zone.
$39.34 in the support area is the low attain during yesterday's session as the bears remained in control within the range. The session closes with a bearish pin bar candle at $41.52 in the support area. An indication of a trend reversal, hence bulls’ brief return.
The daily session today opens with a bullish candle at $41.50 in the resistance area within the range.
Price of LTCUSD is up at $42.10 in the resistance area which is below the two EMAs indicates the sellers are more dominant in the market within the range.
Meanwhile, the price of Litecoin in the oversold region of the stochastic oscillator signal pointing down at around level 21% implies that the price of the coin might experience a change in trend in the days ahead.
LTCUSD is in consolidation and currently trading between $84.80 in the upper resistance area and at $24.53 in the lower support area of the range. A breakout at the upper resistance area or breakdown at the lower support area followed by a retest may occur hence patience is required to allow this to happen before a position is taken in the medium-term.
LTCUSD Short-term Trend: Bearish.
The cryptocurrency is in a bearish trend in its short-term outlook. The close of the session with a doji candle at $41.52 during yesterday’s 4-hourly session in the resistance area suggests exhaustion of the bearish momentum hence buyers’ brief return.
The 4-hourly market opens today at $41.50 in the resistance area. Price moves further up to $42.10 in the resistance area.
The coin now trades at $42.40 in the resistance area above the EMA-9 around the lower price range, an indication that the sellers are in the dominance of the market within the range.
The stochastic oscillator signal pointing up at around level 25% in the oversold region implies that the price of Litecoin may likely encounter a change in trend in the days ahead 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.