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Litecoin Price Prediction: LTC/USD Settles Above $47; Price Shoots by 5.02% Within 24 Hours

LTC Price Prediction – May 7

LTC/USD receives pat at the back with a gain of 5.02% in the last 24 hours.

LTC/USD Market

Key Levels:

Resistance levels: $55, $57, $59

Support levels: $38, $36, $34

LTCUSD – Daily Chart

LTC/USD moves to test the support of $44.48 after the market opens in the early hours of today.  The Litecoin (LTC) is seen trying to cross above the 9-day y moving average. Moreover, at the time of writing, the coin posted gains of over 5.02% in the last 24 hours at a price of $47.32 while the signal line of RSI (14) makes a quick turn into the positive side.

However, the market is currently displaying a sign of subduing volatility with price ready to cross above the moving averages. Meanwhile, taking a look at the daily chart, we can see that the trading volume is rising slowly. Nevertheless, if the LTC/USD pair decides to stay under the control of the bulls, the price may roll to the nearest resistance at $55, $57, and $59 levels.

On the downside, any bearish movement below the 9-day and 21-day moving averages may bring the price to the supports of $38, $36, and $34 respectively.

Comparing with BTC, the Litecoin (LTC) is still experiencing a serious downtrend within the descending channel, especially since a few months ago. The coin has also broke under solid support at 5000 SAT and continued to fall through subsequent support level to 4800 SAT. The critical support level is located at the 4100 SAT and below.

LTCBTC – Daily Chart

However, if the bulls manage to re-energized the market, traders may likely find the potential resistance level at 5500 SAT and above. Meanwhile, LTC/BTC is currently changing hands at 4782 SAT but a surge in volatility may occur as the RSI (14) moves into the oversold conditions suggesting more bearish signals in the nearest term.

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.

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      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.