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Key Highlights
LTC holds above the $73 support
Litecoin fluctuates in a narrow range
Litecoin (LTC) Current Statistics
The current price: $81.69
Market Capitalization: $6,861,730,800
Trading Volume: $311,025,356
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40
Litecoin (LTC) Price Analysis May 3, 2024
Litecoin’s (LTC) price is trading in a range below the moving average lines as bulls recoup above the $73 support. The altcoin fell to a low of $70 as bulls bought dips. The bulls halted the drop above the $73 support but were unable to maintain the positive momentum above the moving average lines.
The bears resumed selling at the 21-day SMA, or resistance at $87. On May 1, the altcoin plummeted to the previous level above the $74 support. In other words, the price range for Litecoin is $73 to $87. On the upside, Litecoin will regain a bullish momentum if buyers maintain the price above the 21-day SMA.
The bullish momentum will continue above the 50-day SMA. The bullish trend will begin when the positive momentum is sustained above the 50-day SMA. On the downside, Litecoin will return to its prior low of $70 if the current support is breached. LTC/USD is currently valued at $81.49.
Litecoin (LTC) Technical Indicators Reading
Litecoin trades in a bearish trend zone, with price bars remaining below the moving average lines. The crypto risks a decline while in the bearish trend zone. On the 4-hour chart, the price bars are positioned between the moving average lines. It suggests that the altcoin will maintain its range-bound trend.
Conclusion
Currently, the altcoin’s upward movement is hindered by the 21-day SMA or the resistance at $87 as bulls recoup above the $73 support. The cryptocurrency is in a range-bound move, above the $73 support but below the moving averages.
The bulls have retested the 21-day SMA twice in an attempt to keep the price above its recent high. The altcoin will trend once the current levels are breached. The crypto signal will be favorable if the 21-day SMA is broken.
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