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
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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

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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