Litecoin (LTC/USD) Market Is About to Establish a Base Above $75
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Litecoin Price Prediction – May 9
The LTC/USD market is about to establish a base above the $75 line as the crypto trade is experiencing a minute percentage rate of 0.18. The price has been between trading levels, with high and low values of $79.076816 and $77576184. Bulls lack the strength to create a trigger around $80 as selling activity has been escalating toward a point of completion.
LTC/USD Market
Key Levels:
Resistance levels: $90, $95, $100
Support levels: $75, $70, $65
LTC/USD – Daily Chart
The LTC/USD daily chart showcases the crypto market is about to establish a base above $75 around the upper horizontal line drawn around $80. The 14-day SMA indicator has slightly bent southward, attempting to pass through the 50-day SMA indicator. And they are trying to shift downward between $87.621779 and $87.530711 values. The Stochastic Oscillators are in the oversold region, maintaining 8.83 and 2.38 levels to make an effort to close, indicating the market is likely to experience a pause session for a while.
Will the LTC/USD market drop further than the $80 mark?
There has been a closure psychological insight signaling a southward interception is around the corner between the SMA trend lines, as shown in the paragraph above will likely take time before starting to regain upwards, given that the LTC/USD market is about to establish a base above the $75 line. It would be an early intervention of making a buy order around the upper horizontal line at $80.
On the depreciation-moving side of the technical analysis, the LTC/USD market sellers have pushed lower to a maximal point that only a consolidation movement will generate continual fruitful outcomes against buyers of the crypto. Based on that feeling, those who took short positions around or above the SMAs’ points should only let their shorting orders run temporarily below $80 while keeping an eye out for any sudden bounce-off that is likely to happen soon.
LTC/BTC Price Analysis
In comparison, Litecoin’s business activity is about establishing a base beneath the SMA trend lines around the lower horizontal line drawn. There is a separating space between the indicators as the 14-day SMA is underneath the 50-day SMA. The Stochastic Oscillators are in the oversold region, trying to swing northbound at 11.00 and 13.80 levels. According to our assessment of the cryptocurrency pairing trade, the base instrument is currently at a suitable price worthwhile to repurchase against the counter crypto.
Note: Cryptosignals.org 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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