Litecoin (LTC) Price Analysis (May 15)
• The coin is in a range market in its medium-term while the short-term is in a downtrend.
• Responsible selling may be considered in the short-term at key areas.
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 at $44.42 as high and $42.25 as the low in the resistance area during yesterday’s session as the cryptocurrency continues consolidation.
A bearish candle at $44.01 opens today’s market in the support area within the range.
LTCUSD is initially down at $42.46 below the two EMAs this suggests the price movement is a downtrend within the range.
The stochastic oscillator signal pointing up at around level 32%, indicates the momentum in price may likely change in the nearby days 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 crypto’s price is now facing another support at the $43 price level.
The bears are still trading at the time of writing at $44.01 in the support area as the 4-hourly session opens today.
The journey down south continues as the bears drop the price of the crypto further down at $43.01 in the supply area.
With the price below the two EMAs and the stochastic signal pointing down at around level 61% in the overbought region. These suggest a downward momentum in price in the short-term.
Hence, buyers’ relief.
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.