Litecoin Price Prediction – May 19
Despite the fact that some range-bound occurs, the Litecoin price stays under bearish pressure as the crypto market experiences downtrend.
LTC/USD Market
Key Levels:
Resistance levels: $350, $370, $390
Support levels: $100, $80, $60
LTC/USD is nursing losses with a sharp drop from the resistance level of $300 which touches the low of $146. Looking at the daily chart, a sustainable move below the $200 level bodes ill for the Litecoin bulls. Therefore, if bulls failed to push the price back above the 9-day and 21-day moving averages, the downside pressure is likely to increase.
Litecoin Price Prediction: Litecoin (LTC) Could See More Downtrends
According to the daily chart, it can be seen that the Litecoin price could not exceed the resistance level of $300. At this moment, the coin falls to a support level of $146. LTC/USD is supported by a psychological $200, once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent daily low of $146 after crossing below the lower boundary of the channel. The next bearish target could be located at $100, $80, and $60 support levels.
On the upside, the initial recovery is limited by $300 above the 21-day moving average located on approach. Traders will need to see a sustainable move above this handle for the upside to gain traction towards $350, $370, and $390 resistance levels. The Relative Strength Index (14) shows that the market price may remain at the downside as the signal line moves below 40-level.
Against Bitcoin, the Litecoin price is now following a bearish sentiment since the European session as the coin suffers a serious downtrend pressure from Bitcoin today. Meanwhile, should in case the bulls attempt to gain momentum, the bears are likely to keep releasing a huge pressure on the market. However, LTC/BTC trades below the 9-day and 21-day moving averages and finds a daily low at a support level of 4724 SAT.
Looking at the daily chart, the closest resistance level is located at 7500 SAT and above. On the downside, the nearest support level is 4600 SAT. Below this, additional supports could be found at 4400 SAT and 4200 SAT. In addition, the Relative Strength Index (4) crosses into the negative side, giving bearish signals, which may suggest that the recent recession could probably continue to fall.
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