Litecoin Price Prediction – May 31
The Litecoin price may likely set a bullish run if the market can climb back above the 9-day moving average.
LTC/USD Market
Key Levels:
Resistance levels: $260, $280, $300
Support levels: $80, $70, $50
At the time of writing, LTC/USD is actually running a little retracement move above the resistance level of $180 with price growth of 6.51%. Meanwhile, despite today’s gain, Litecoin (LTC) is still maintaining a sideways movement within the channel. Therefore, traders can expect the Litecoin price to continue to rise as soon as the bulls put more pressure on the market.
Litecoin Price Prediction: Litecoin Price May Break or Bound
As the daily chart reveals, if the Litecoin price breaks below the 9-day moving average, this may cause the cryptocurrency to slide below the lower boundary of the channel. Therefore, if the price keeps respecting the upward movement, traders can then expect a bullish continuation towards the 21-day moving average and probably break above this barrier. Meanwhile, as the technical indicator Relative Strength Index (14) is seen moving above 40-level, the potential resistance levels could be found at $260, $280, and $300 in the long term.
However, if the coin keeps the bullish movement for the next couple of days, traders may witness more of it to reach higher levels. On the other hand, LTC/USD still remains bearish in the short term; a bearish extension could therefore roll the coin back to the long-term support at $90, $70, and $50 levels.
Against Bitcoin, the Litecoin price continues to follow sideways movement but crossing below the 9-day moving average could lead the coin back into the negative side. But in case of a trend reversal, there is a need for an increasing volume and resistance to cause an upsurge in the market. Presently, the coin is trading around the 4948 SAT and the traders can expect close support at the 4000 SAT and below.
However, if the bulls continue to push price the high and validate a break significantly above the 21-day moving average to hit the nearest resistance at 5500 SAT; we can then confirm a bull-run for the pair as the closest resistance can be located at 5800 SAT and above while the Relative Strength Index (14) moves above 45-level.
Credit: Source link
