Litecoin (LTC) Price Prediction – June 01
Since April 30, LTC/USD pair has been on a downtrend soon after LTC reached the overbought region of the market. The selling pressure pushed the coin to the low of $42. In the last 48 hours, Litecoin rebounded twice, broke the downtrend line, and closed above it. Similarly, LTC/BTC is in a descending channel. In the other chart, the bulls are on the verge of breaking the downtrend line which is also called the resistance line.
Resistance Levels: $80, $100, $120
Support Levels: $50, $40, $20
Litecoin uptrend was made possible after the bulls break the downtrend line. On May 26, the bulls rebounded at the low of $42 to break the downtrend line. Technically, when price breaks the line and closes above it, it indicates that the trend has changed. Nonetheless, price rebounded again above the downtrend line to reach the $48 resistance.
There was a bearish reaction as the price drops to $45 low. Today, the market is making an upward correction as it reaches a high of $47. On the upside, if the market rebounds again above $47, the breakout will propel price to break the resistance of $48 and $50. The momentum will rally to $60 high. Litecoin is in the uptrend zone at level 57 of the Relative Strength Index period 14.
The LTC/BTC chart is also on a downtrend. The crypto has fallen from the high of Ƀ0.0080000 to the low of Ƀ0.0045000. Recently, the bulls have been attempting to break above the resistance line but to no avail. On the upside, if the bulls succeed in breaking the resistance line, the LTC/BTC will be out of the bear market. Meanwhile, the crypto is above 75 % range of the stochastic, indicating that the coin is in a bullish momentum.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.