Litecoin (LTC) Price Analysis (May 5)
• The Medium-term outlook continues in a range-bound market.
• The bulls remained in control of the market within the range.
LTC/USD Medium-term Trend: Ranging
• Resistance levels : $70, $80, $90
• Support levels: $20, $10, $9
Litecoin continues in a range-bound market in the medium-term perspective. The bears’ increased momentum drop the price down to $45.06 in the support area, within the range during the session yesterday with a close at $47.07 in the support area.
The momentum is lost as the bulls set in gradually today as the daily session opens at $47.07 in the resistance area within the range.
The crypto is initially up at $47.84 in the resistance area as at present.
The price hovers around the two EMAs, this suggests an undefined trend in the analysis of the market, meanwhile, the signal of the stochastic oscillator points down at 67% is an indication of downward momentum within the range in the medium-term also implies that the momentum in the price of LTCUSD might experience a trend reversal sooner.
LTC/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The cryptocurrency is in an uptrend with bearish exhaustion at $4707 in the resistance area during yesterday’s session.
The bullish pin bar candle formation at $46.91 in the resistance area is an indication of the bull's return as the 4-hourly session opens today.
LTCUSD is initially up at $47.64 in the resistance area above the two-EMAs as the journey up to the upper resistance area has already begun.
The stochastic signal pointing up at level 38% in the oversold region suggests that the momentum in price of Litecoin might remain in an uptrend as the market session continues 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.