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Litecoin Price Prediction: LTC/USD Grows 3.29% in a Day; Now Trades Near $50

Litecoin (LTC) Price Prediction – May 2

Litecoin adds 3.29% in a day, and at the time of writing, it is trading around $48.66.

LTC/USD Market

Key Levels:

Resistance levels: $60, $65, $70

Support levels: $35, $30, $25

LTCUSD – Daily Chart

LTC/USD has been able to fetch a decent hike in the last 24 hours that took the coin near $50 after a while. The coin is already on a path of price recovery after the drops of two days ago. LTC is one of the most emerging coins of the market, and it is likely to touch $55 in the coming days as its next resistance. The long-term outlook is likely to be bullish.

However, as the trading volume is coming up gradually, the coin is trading above the 9-day and 21-day moving averages within the ascending channel. On the upside, if the price breaks above the channel and closes above it, BTC may likely continue its uptrend and could touch the resistance levels of $60, $65 and $70.

In addition, as the market fluctuates, there is the tendency of the bears breaking below the moving averages to touch the support of $40. Nevertheless, the technical indicator RSI (14) is crossing the 60-level but the bears may step back into the market once the signal lines turn downward and the nearest support levels lie at $35, $30, and $25 respectively.

LTC/BTC Market

When compares with BTC, the bulls are making an effort to step back into the market by halting the downtrend. At the moment, the coin is trying to show some promising signs that could push the coin above the 9-day and 21-day moving averages. From the upside, the nearest level of resistance lies at 5700 SAT and above this, higher resistance lies at 5900 SAT and above.

LTCBTC – Daily Chart

In other words, from the downside; the nearest levels of support are 0.0070BTC and 0.0065BTC. Beneath 0.0060BTC, further support lies at 5100 SAT. If the price drops further to create a new low, lower support is located at 5000 SAT and below. Meanwhile, the technical indicator RSI (14) is making an attempt to cross above the 40-level which shows that the bulls are waking up.

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.