InsideBitcoins.com

Litecoin Price Prediction: LTC/USD Price May Break down the $42 Support Level and Target $40

Litecoin (LTC) Price Prediction – May 23

The LTC/USD pair may be looking for support at $42, where the market is likely to provide a rebound level for the price.

LTC/USD Market

Key Levels:

Resistance levels: $48, $50, $52

Support levels: $40, $38, $36

LTCUSD – Daily Chart

As LTC/USD ranges at the lower boundary of the channel, the $42 support level may be penetrated by the bears provided there is an increase in the bears’ momentum and the price may fall to the previous low of May 11 which is $39.32 support level. In case the $42 support level holds, there could be a reversal and the price may begin a bullish movement.

Looking at the daily chart, LTC/USD is bullish and the pair may break above the 9-day and 21-day moving averages. At the moment, the bears hold the LTC/USD market, and the RSI (14) is seen moving in the same direction, suggesting a sideways movement in the market. The price may decline below the channel and towards the critical support levels of $40, $38, and $36.

Currently, the price is testing the $44.22 level following the recent drop. However, the market may likely bounce higher to $45 and $46 resistance level but the potential resistance to watch for is found at $48, $50, and $52 levels. For now, Litecoin price is on a range and there’s a high probability for a break than a bounce.

Meanwhile, when compared with Bitcoin, Litecoin price is making an attempt to cross the 921-day moving average in other to reach the resistance at 0.0050 BTC. It is important for the coin to close above the mentioned resistance level; if not, there might not be any reason to expect the long-term bullish reversal.

LTCBTC – Daily Chart

However, trading below the moving averages could refresh lows under 0.0045 BTC and a possible bearish continuation may likely meet the major support at 0.0044 BTC before falling to 0.0043 BTC and below while the buyers may push the market to the potential resistances at 0.0053 BTC and above. Meanwhile the RSI (14) is currently moving around 42-level.

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • Excellent choice for U.S. customers
  • Paypal accepted
  • CySEC & FCA regulated
  • Buy 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investor accounts lose money when trading CFDs with this provider.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Established stock-exchange listed company
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees and low spreads
    4.5/5

    Visit Site
    80.5% of retail investor accounts lose money when trading CFDs with this provider.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
      Avatar

      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

      Leave a Reply

      Your email address will not be published. Required fields are marked *