Litecoin (LTC) Price Analysis (May 13)
• Litecoin makes a comeback but faces rejection at $47 resistance.
• The crypto slips beneath 50-EMA as bears took to gain market momentum within the range.
LTC/USD Medium-term Trend: Ranging
• Resistance levels : $70, $80, $90
• Support levels: $20, $10, $9
Litecoin remains in a range-bound market in its medium-term outlook. The bulls manage to push the price up to $42.87 in the resistance area as the high and $41.31 as the low during the yesterday session as the cryptocurrency continues consolidation.
A bullish candle at $42.24 opens today’s daily session in the resistance area within the range.
LTCUSD is initially up at $42.44 in the resistance area with the price below the two EMAs indicates the momentum in the price of the crypto is in a downtrend.
The stochastic oscillator signal pointing up at around level 22%, in the oversold region is an indication of an upward movement in price of the coin within the range 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.
LTCUSD Short-term Trend: Bearish
On the 4-hour chart, the LTCUSD price is now in a bearish trend zone. The session opens today with the formation of a bullish doji candle at $42.24 in the resistance area. An indication of a trend reversal.
Litecoin further rise to $42.44 in the resistance area within the range in the short-term.
With the price below the EMA-50, this suggests the bulls are trying to return to the market gradually.
Thus, the stochastic signal pointing down at around level 76% suggest a downward momentum in price in the short-term. Likewise, the momentum in price might encounter a change in trend in the days ahead.
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.