LTC Price Prediction – May 5
Litecoin’s price has dropped by 1.36% following the current bearish action in the market.
Resistance levels: $53, $55, $57
Support levels: $40, $38, $36
A couple of days ago, LTC/USD recorded some losses in 3 days consecutively. The coin continues the bearish trend yesterday as the Litecoin (LTC) made a new-month low at $45.10. At the time of writing this, LTC/USD is currently trading below the 9-day MA but yet to reach the 21-day moving average.
However, as the coin fails to recover from the current trading level, the more likely it is that we will see the cryptocurrency fall to a new trading low. A break below the $45 support level may provoke an even deeper decline towards the $40, $38, and $36 levels. The short-term technical analysis shows that the $48 and $50 levels are currently the strongest forms of technical support.
In other words, a break above the $52 level may propel Litecoin to hit the nearest resistance level at $58; a further push could take it to a high of $53, $55, and $57 resistance levels. As it stands now, the technical indicator RSI (14) moves toward the south which may likely cause the market to experience more bearish movement.
When compared with BTC, the Litecoin (LTC) is still experiencing a serious downtrend within the channel, especially since Feb 24. The coin has also broke under solid support at 5300 SAT and continued to fall through subsequent support level to 5200 SAT. The critical support level is located at the 4700 SAT and below.
However, if the bulls manage to power the market, traders may likely find the resistance level at 5800 SAT and above. Meanwhile, the Litecoin price is currently changing hands at 5221 SAT but a surge in volatility may occur as the RSI (14) moves into the oversold conditions which suggest that more bearish signals may play out.