Litecoin Price Analysis: LTC not so bullish

LTCUSD Dominant Trend: Ranging

Resistance Levels: $150, $155, $160

Support Levels: $125, $120, $115

LTC/USD remained in a narrow range despite the huge gains in the cryptocurrencies. Bitcoin reached new highs of more than $10,000 for the first time this year, while Ethereum corrected stubborn resistance to $300. Litecoin evolves laterally in a narrow range between $138 and $140. Attempts to exceed the $145 threshold have been unsuccessful on several accounts. Litecoin experienced its first strong growth at the beginning of the April boom, which allowed the coin to gain 52.90% in just 5 days. But this growth has not been maintained for a long time. The value fell as fast as it increased. During the following 23 days, it lost 26.08% of its value. On May 9, the currency started to grow and gained almost 37.56% in 6 days to fall again 11.79% in the next 7 days. The last great growth took place from June 4 to 11 and gained 32.27% during this period.

 

 

In addition, at the time of writing this article, LTC/USD had successfully surpassed the stubborn level at $140 and was trading on the channel at $140.92, immediately backed by the 55-day MA. Bullish momentum supported by a relative strength index (RSI) above the average. In addition, the MACD is sitting comfortably in a positive region. The current divergence of the MACD suggests a greater upward correction. A break above $142 will pave the way for Litecoin to prepare for a new round with $145, then $150. As a result of the current market movement, this trend could cause the market to break with resistance levels of $150, $155 and $160, while the potential supports to pay attention to are $125, $120 and $115 respectively. Although LTC price has been dwindling for the past few days, it will soon see an upward trend. Investors should keep in mind the point of resistance and keep negotiating.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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