Litecoin (LTC) Price Analysis (May 4)
• The cryptocurrency is in a range-bound market in the medium-term and in an uptrend in the short-term.
• Overall, the bears seem to be in control below $46 and might slide further below $40.
LTC/USD Medium-term Trend: Ranging
• Resistance levels : $70, $80, $90
• Support levels: $20, $10, $9
The coin remains in a range-bound market in its medium-term outlook. The bearish momentum at $46.71 in the support area returns the crypto back within the range during yesterday’s session.
Today’s daily session opens with a bearish candle at $48.16 in the support area sustains the bearish momentum within the range.
The coin is initially down at $45.26 in the support area. Price hovers around the two EMAs an indication of an undefined trend between the sellers and the buyers in the context of the market.
However, the stochastic signal pointing down at around level 70% in the overbought region implies that the coin might experience a trend reversal soon in the medium-term.
LTCUSD is in consolidation and trading between $84.80 in the upper resistance area and $24.53 in the lower support area of the range.
A breakout at the upper supply area or a breakdown at the lower demand area may occur; hence patience is required to allow this to happen before a position is taken.
LTC/USD Short-term Trend: Bullish
The coin looks bullish in its short-term perspective. Looking from the chart we can see the upward movement from the 4-hourly chart.
The impulsive move by the bulls at $49.38 in the resistance area during the session yesterday diminishes as the bears return gradually to the market.
The journey down south begins as the 4-hourly market opens today with a long bearish engulfing candle at $48.16 in the support area and broke the EMA-50
LTCUSD drops to $45.21 in the support area as the journey to the south continues.
Price is below the two EMAs and the stochastic signal pointing down at around level 20%; these indicate the price of Litecoin is in a downward movement and buyers are in control as the present 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.