Litecoin (LTC) Price Analysis (May 7)
• LTCUSD keeps fluctuating below $50, still struggling and it could decline heavily below the support area.
• The coin still remains in a bullish trend in the short-term.
LTC/USD Medium-term Trend: Ranging
• Resistance Levels : $70, $80, $90
• Support Levels: $20, $10, $5
Litecoin continues in a range-bound market in its medium-term outlook. The bears increased momentum drops the price down to $44.47 in the support area, breaking the two EMAs during the session yesterday. The bears lost the momentum as exhaustion sets in with the arrival of the bulls.
The cryptocurrency drops to $45.06 as the close of the day in the support area before the end of yesterday’s session as the coin returns back within the range.
Today’s daily opening candle at $45.04 in the resistance area is on a bullish note.
The coin further rise to $46.49 in the resistance area within the range.
Price hovers around the two EMAs an indication of more bulls presence which may result in upward price movement in the days ahead as the cryptocurrency consolidates.
LTCUSD is in a sideways trend. Patience coupled with a retest is needed before a position is taken in the medium-term.
LTC/USD Short-term Trend: Bullish
The cryptocurrency continues in the bullish trend in its short-term outlook.
$47.16 in the resistance area remains high during yesterday’s session before the formation of the bearish railroad with a drop in price to $46.78 in the support area before the end of yesterday's session.
Today’s 4-hourly opening candle at $45.04 in the resistance area is bullish.
Price is initially up at $46.49 in the resistance area below the two EMAs, an indication that buyers are returning to the market gradually.
With the stochastic oscillator pointing up at around level 37% in the oversold region implies the buyer might continue to dictate the market in the days ahead 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.