Litecoin (LTC) Price Analysis (May 8)
• LTCUSD remains in a range-bound market in the medium-term outlook and looks bullish in its short-term outlook.
• The bulls are dominant in the market at the present.
LTC/USD Medium-term Trend: Ranging
• Resistance Levels : $70, $80, $90
• Support Levels: $20, $10, $5
LTCUSD on the daily chart remains in a range-bound market undeniably. The bullish momentum at $48.25 in the resistance area sustains the crypto’s trend within the range during yesterday’s session. $44.50 in the resistance area remains as low as the bulls dictate the market in the range.
The daily session at $45.04 in the resistance area opens today with the formation of a bullish pin bar candle. Price further rise to $48.38 in the resistance area.
Price of LTCUSD hovers around the two EMAs; this suggests that the trend between the buyers and sellers in undefined in the context and strength of the market as at present.
The Stochastic oscillator signal pointing down at around level 51% suggests that a change in the trend is likely to occur within the range in the days ahead.
LTCUSD is in consolidation and trading between S84.80 in the upper resistance area and $24.53 in the lower support area of the range.
Hence, traders are advised to wait for a breakout at the upper resistance area or a breakdown at the lower support area before taking a position.
LTC/USD Short-term Trend: Bullish
Litecoin looks bullish in its short-term outlook as can be seen from the 4-hourly chart below. The sustained bullish pressure pushes the coin further up at $48.25 in the resistance area as the session opens at $46.03 during yesterday’s session. The bears return gradually with an initial drop to $47.21 in the support area before the end of yesterday’s session.
Today’s 4-hour bullish doji candle at $47.43 in the resistance area is an indication of a trend reversal. Hence bears’ brief returns and drop the price down at $47.18 in the support area.
Price is above the two EMAs which are joined together, this implies the bulls are losing momentum gradually but still dominating the market.
However, the stochastic oscillator signal is pointing down at around level 75% in the overbought region suggests a downward momentum in price.
This implies the bears may likely take over the market direction in the nearby days in the short-term. Hence, sellers 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.