Litecoin trading: LTC Is in a Range Bound, Price Is Expected to Breakout Soon

Litecoin trading: LTC Is in a Range Bound, Price Is Expected to Breakout Soon
Rate this post

Litecoin (LTC) Price Analysis – April 18

Currently, Litecoin market is indecisive as price action moves side-ways since April 11. This suggests a price at equilibrium. An increase in price volatility may play out price on either way. As of now, LTC is trading at $82 with a market cap valuation of $5 billion. Until price surges, Litecoin would hold price action within a channel range.

LTC/USD Market

Key Levels:
Resistance levels: $92, $96, $100
Support levels: $72, $68, $64

Moving side-way for weeks, Litecoin climbed to $100 high before following a downtrend earlier this month. Since April 11, LTC has been ranging between $76 and $85 price levels. Maintaining a channel pattern, the market has been subdued with a low volatility trading over time.

LTCUSD-4H-Chart-April-18

The early April rise is significant on the 4-hours MACD as the token now plays along with the zero level of the indicator. A positive move may send price to $92 resistance level and beyond. A negative move, however, could fall the market to $72 support level and below.

Currently, the 4-hours Stochastic RSI rests at the overbought line. A slope move could slip price to the lower channel. LTC market is indecisive at the moment.

LTC/BTC Market

Looking at the medium-term structure, the 4-hours MACD revealed Litecoin on a side-way market before witnessing a price increase. After a double-bottom pattern which recorded price at 0.0189 BTC high, a significant drop could bottom at 0.015 BTC support before trading continues in a channel; the MACD now operates at the negative zone.

LTCBTC-4H-Chart-April-18

While trending side-way, a surge in volatility could send the token to the next level. A northward move is likely to meet quick resistance level at 0.017 BTC and beyond. A break below the channel could drop price to 0.014 BTC support.

On the medium-term Stochastic RSI, Litecoin is lying at the horizon of the overbought line; compounding a selling pressure.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

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