Litecoin (LTC) Holds Above $40,Battles $42 Minor Resistance

Litecoin (LTC) Holds Above $40,Battles $42 Minor Resistance

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

LTC/USD Price Long-term Trend: Bearish
After the bearish impulse on April 13, LTC dropped to $40 low. The selling pressure was caused by price as the pair reached $47 overbought region. Sellers pushed prices down to $40 low. This provides buying opportunities as buyers emerged. It is anticipated that a repeat rebound is likely as price moves up. The market is likely to retest the $47 resistance if a rebound occurs. However, if the bears suddenly break below $40, the coin will drop to $35 low.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA is acting as a support for Litecoin. The pair is also at level 46 of the Relative Strength index. It indicates that it is in the downtrend zone and below the centerline 50. There is a tendency for price falling.

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 $47. The bearish impulse has broken the trend line. Technically, the uptrend has been terminated. A fresh upward move has begun if the bulls sustain the momentum.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping upwardly to indicate the uptrend. LTC is above 40% range of the daily stochastic. The pair is in a bullish momentum.

General Outlook for LTC
Litecoin is in an upward move after falling to a low of $40. The current support is holding as the market moves up. The uptrend will resume if price breaks above the trend line.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.