Litecoin (LTC) Price Prediction: LTC May Hit the Support Level at $80.00
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Litecoin (LTC) Price Prediction: May 28
A look at the Litecoin market in recent times reveals that the market has been working its way upward after breaking the $80.00 mark. However, as soon as the market neared the $90.00 mark, headwinds were kindled, and the market retreated lower. Technical indicators are rather bearish-biased at the moment.
LTC/USDT Long-term Trend: Bullish (Daily Chart)
Key Levels:
Resistance Levels: $90.00, $100.00, and $110.00
Support Levels: $80.00, $70.00, and $60.00
Today’s trading activity in the LTCUSDT market has seen one of the most significant price declines since the market attempted to breach the $90.00 mark. As of the time of writing, the token’s price has retracted upward above the 100-day Exponential Moving Average (EMA) line. This can be seen through the lower shadow on the last price candle here. Meanwhile, the lines of the Stochastic Relative Strength Index (SRSI) indicator are still falling into the oversold region.
Litecoin Price Prediction: Will LTCUSDT Continue Its Downward Correction?
Going by the signs coming off technical indicators, we can say that the market is under short-term bearish pressure. The last price candle places the price of this coin below the 20 and 50-day EMA lines, revealing that downward forces may only have a brief window of opportunity to operate. The Stochastic Relative Strength Index (SRSI) lines can be seen trending further into the oversold region, which affirms that headwinds are in control of the market.
The appearance of a lower shadow on the last price candle suggests that upside forces are staging resistance to further downward corrections. However, it may be safe to follow the trend that has been in place since price action turned near the $90.00 mark. Therefore, it is likely that the market will hit at least the $80.73 mark.
LTC/USDT Medium-term Trend: Litecoin Remains Under Downward Pressure (4H Chart)
In the LTC 4-hour price chart, the market has been correcting towards lower price levels. However, the current session has staged an upside rebound occurring below all the EMA lines. Also, the mentioned price candle has an upper shadow, affirming that bears are still exerting significant downward pressure. The Stochastic Relative Strength Index (SRSI) can be seen falling deeper into the oversold region.
Technically, this suggests that price action will most likely be pressured towards the $80.00 mark. This is mainly because all technical indicators are aligned to indicate the same trend. Should more traders pick up the signal, the market will be pressured towards that mark.
