Litecoin (LTC) Price Analysis (May 6)
• Staying above EMA-50 can lead to strong growth for LTCUSD.
• Overall market sentiment regarding the coin remains bullish.
LTC/USD Medium-term Trend: Ranging
• Resistance Levels : $70, $80, $90
• Support Levels: $20, $10, $5
Litecoin is trading in the consolidation market in its Medium-term perspective as we can see from the daily chart. The pressure from the bears at the support at $45.79 on the 5th June is now corrected today, by the bulls.
The daily session opens today with the formation of a bullish candle at the resistance area at $46.62 as the bulls are returning in a grand style into the crypto market.
The reaction from the bulls pushes the price up to around $47.32 in the resistance area.
A divergence is noticed as the signal of the stochastic oscillator points down at level 60% and price stays above the two EMAs. It suggests the overall outlook shows upward momentum while a temporary drawdown may occur within the range in the days ahead.
LTCUSD is in consolidation and 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 supply area or breakdown at the lower area followed by a retest 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 outlook. The formation of a bullish doji candle at $46.62 in the resistance area opens today’s 4-hourly session. An indication that the bulls are making in-road to the market.
Price of LTCUSD moves up to $47.16 in the resistance area as the bulls gradually entering the market. The journey up north continues as the price further rises to $47.32 in the resistance area.
Price is above the two EMAs which are joining together, the stochastic oscillator signal points up at around level 40% in the overbought region; these imply the bulls may continue to dictate the market direction in the short-term.
Hence, buyers may take a position as desired.
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.