Litecoin (LTC) Recovers above $275 Support, May Resume Uptrend

Azeez Mustapha
18 May 2021 | Updated: 18 May 2021

Key Highlights
Litecoin resumes an uptrend above $275 support
The altcoin faces rejection at level $310

Litcoin ( LTC) Current Statistics
The current price: $306.30
Market Capitalization: $25,869,734,534
Trading Volume: $6,852,822,773
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 18, 2021
Litecoin has been in a downward movement since May 10. LTC/USD has fallen and found support above $275. The altcoin is recovering but the upward move is facing rejection at level $310. Litecoin is fluctuating below the resistance at $310. LTC price will rally above $325 if the bulls break the minor resistance at $310. However, if the bulls fail to break the $310 resistance, the bears will attempt to break the support at level $275. A break below $275 support will cause Litecoin to decline to $200 low.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC price is above the 25% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The crypto’s price is above the 50-day SMA but below the 21-day SMA. If price breaks above the SMAs, the coin will resume the uptrend.

LTC/USD – 4 Hour Chart

Conclusion
On the 4–hour chart, Litecoin is rising on the upside. The upward move is stalled at the $310 resistance. On May 17 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.0 Fibonacci extension or the low of level $324.74

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Azeez Mustapha

Azeez Mustapha

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.