Litecoin Price Prediction – May 13
The Litecoin price is following the bearish movement as the coin falls below the 9-day moving average and touches the low of $296.
LTC/USD Market
Key Levels:
Resistance levels: $375, $385, $395
Support levels: $255, $245, $235
LTC/USD is currently changing hands at $306.74 as the coin is down 1.31% on a day-to-day basis. However, the Litecoin price is trying to recover from the intraday low of $296.87, but the upside momentum is slow. More so, the Litecoin price now continues to move within a short-term bearish trend amid low volatility. Meanwhile, if the market regains positive momentum, LTC/USD price may continue to respect the channel pattern. Otherwise, more breakdowns may play out.
Litecoin Price Prediction: What could be the Next Direction for Litecoin?
The continuation of the bearish movement below the 9-day and 21-day moving averages within the channel may likely bring the price to $255, $245, and $235 supports, creating a new monthly low. But if the market price decides to move above the 9-day and 21-day moving averages, buying pressure could recover towards the potential resistance at the $340 and $350.
As it appears now, there’s a need for a pullback for the Litecoin price to regain strength above the channel. However, a sustainable bullish movement is now needed for the upside to gain traction with the next focus on $375, $385, and $395 resistance levels. In other words, the Relative Strength Index (14) moves around 50-level, any crossing below this level may result in tremendous bearish movement.
When compares with Bitcoin, the Litecoin price is currently following sideways movement, trading above the 9-day and 21-day moving averages within the ascending channel. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing huge pressure on the market but the Relative Strength Index (14) is moving around 64-level which may suggest a bullish signal in the near term.
However, if the Litecoin price falls below the 9-day MA, it may likely hit the nearest support at 5800 SAT. Any further negative movement could significantly lower the price to 5600 SAT and below. In case of a rebound, the coin may test the 6800 SAT above the channel before resuming the rally and traders could see a bull-run to the resistance level of 7100 SAT and above.
Looking to buy or trade Litecoin (LTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
