Litecoin (LTC) Consolidates Above $40 Support, Lacks Buying at Higher Levels

Litecoin (LTC) Consolidates Above $40 Support, Lacks Buying at Higher Levels

Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

LTC/USD Price Long-term Trend: Bearish
Litecoin is trading at $40.58 which is above the previous range bound zone of $36 and $40.The bull’s upward move has been restricted below $43 resistance. Buyers have earlier been repelled at the $47 resistance when the coin was overbought. After the resistance at $47, the market has been trading between $40 and $43.On the upside, a rebound at the low of $40 will propel LTC to break through the resistances of $43 and $47. On the downside, a break below $40 will sink LTC to the low of $35.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA is acting as a support for Litecoin. The crypto is at level 45 of the Relative Strength index. It indicates that it is in the downtrend zone and below the centerline 50. The market may fall below the EMAs.

LTC/USD Medium-term Trend: Bullish
On the 4 hour chart, Litecoin is in an upward move. Presently, the upward move has been hampered because of the resistance at $43. The market is in a sideways move below the $43 resistance. The market is making an upward move because of the emergence of buyers in the oversold region.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move. LTC is above 25% range of the daily stochastic. The pair is in a bullish momentum as buyers emerge from the oversold region.

General Outlook for LTC
Litecoin is trading above the previous price range of $36 and $40. The coin can easily fall into the previous price range. Buyers lack buying power at a higher level as the coin is confirmed below the $43 resistance. A trader should adjust his stop-loss orders to $35 low.

Note: Learn2Trade.com 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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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.