LTC Price Prediction – April 25
The Litecoin price is entering into a consolidation phase after recovery was rejected at $45.53.
Resistance levels: $52, $54, $56
Support levels: $36, $34, $32
LTC/USD has sustained gains above a key ascending trendline since the dip to $24.98 support in March. Since then, the recovery has been gradual but steady. However, the Litecoin price hit a snag at $45.53 and the trend may likely settle in a sideways action above the 9-day and 21-day moving averages. This consolidation is supported by the horizontally moving RSI (14) which is above the average as the signal line moves in the same direction.
However, as long as the price can hold above $45, the bulls will have the time to gather the strength to attack the congestion of sellers at $48 and $50 respectively. For now, the recent price hike seen today may allow the coin to break above a long-term ascending trend line which is a good sign for the bulls. Above the upper boundary of the ascending channel, traders can expect higher resistance at $52, $54 and $56 while the support can be found at $36, $34 and $32 levels.
When compared with Bitcoin, the LTC price is experiencing some difficulties since the beginning of this month. Recently, the coin exploded under the solid support of 5800 SAT and continued to fall towards the 5700 SAT. The critical support level is located below the 9-day and 21-day moving averages at level 5400 SAT and below.
However, any attempt by the bulls to move the market higher, the market price may likely cross the descending channel to find the potential resistance level of 6400 SAT and above. Meanwhile, looking at the daily chart, the price of Litecoin is currently changing hands at 5904 SAT and the coin may begin to consolidate as the signal lines of MACD move within the negative side which indicates that the market may continue to experience a downward movement.
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