Litecoin (LTC) Resumes Uptrend, Faces Minor Resistance at $48

Litecoin (LTC) Resumes Uptrend, Faces Minor Resistance at $48

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

LTC/USD Price Long-term Trend: Bearish
Finally, the bulls overwhelmed the bears after a rebound at the low of $40. The rebound took price to the high of $48. The price retraces to a low of $44 and then went up above $45. Before this time, the market has been consolidating between $28 and $40.

Later, Litecoin came closer to a tight consolidation between $36 and $40. On the upside, if the bulls break the resistance at $48, LTC will rise to the high of $60. Possibly, a minor resistance may be faced at the $52 price level before the high of $60. On the other hand, if the bulls fail to sustain above, LTC may fall to a low of $42 or $40.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
Litecoin is above 80% range of the daily stochastic. The pair is approaching the oversold region. Litecoin is in a strong bullish momentum. The upward move is ongoing as price breaks the resistance line.

LTC/USD Medium-term Trend: Bullish
On the 4 hour chart, Litecoin is in an upward move. On April 6, the bulls rebounded to break out of the range-bound zone. The market reached a high of $48 but it is currently facing minor resistance. An upward movement is expected if the resistance at $48 is breached.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping upward move to indicate the uptrend. The price reached a high of $48 and was overbought. Sellers have emerged to push LTC downward. The market is falling and approaching the low of $44. However, if the current support holds, the upward move will resume.

General Outlook for LTC
Litecoin has broken out of the range-bound zone of $36 and $40. The price is falling to a low of $44 after reaching the resistance at $48. Litecoin will resume uptrend if it sustains price above $44. However, if the bears turn around and break below $44, LTC may fall back to the range-bound zone.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $46
Stop: $45
Target: $48

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.