LTC Price Prediction – May 8
According to the daily chart, LTC/USD may be looking for support at $330 where the market is likely to provide a rebound.
LTC/USD Market
Key Levels:
Resistance levels: $400, $420, $440
Support levels: $300, $280, $260
For the past two days, the daily movement of LTC/USD has not been impressive. Therefore, if the Litecoin (LTC) improves in the last hours of the day, the intraday traders may expect a positive close above the opening price of $345 level. At the moment, the technical indicators are keep focusing on the upside, suggesting more bullish movements for the coin.
Where is the Litecoin Price Going Next?
As reveals by the daily chart, the Litecoin price may continue to experience a downtrend if it falls beneath the support at $320. Therefore, traders can expect additional support at $300 and then followed with added critical supports at $280 and $260 below the 9-day moving averages.
On the upside, if the bulls step back into the market, LTC/USD may hit the nearest resistance at $330 and $350 which is above the 9-day and 21-day moving averages, higher resistance lies at $400, $420, and $440. However, the signal line of Relative Strength Index (14) is moving within the overbought zone which reveals that buyers may still come back into market movement.
Against Bitcoin, the daily chart reveals that LTC is sliding below the opening price of 6020 SAT. However, the sellers are seen posing more threat to the nearest support level of 5500 SAT. Meanwhile, an eventual break below the 9-day and 21-day moving averages may likely lead to the collapse of the coin.
However, as the technical indicator RSI (14) nosedives below 70-level, any further bearish continuation could hit the major support at 3900 SAT before falling to 5200 SAT and below. But if the buyers could summon the courage and return the price back above the upper boundary of the channel, LTC/BTC may likely hit the potential resistance at 6800 SAT and above.
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