Litecoin Price Prediction – May 23
There is continued heavy selling in the market for the Litecoin (LTC)/US Dollar pair. The crypto’s price is currently sitting at around $139, having lost 17.50% of its value in the past 24 hours.
Sells off Much Value: LTC Market
Key Levels:
Resistance levels: $200, $300, $400
Support levels: $120, $100, $80
LTC/USD – Daily Chart
The LTC/USD daily chart shows that the sell-off situation has been accelerating, forcing the bearish trend-line to shift downward at the $150 price level. The latest round of selling began playing out following a major decline on May 19.
The 50-day SMA trend-line has bent slightly to the south as the 14-day SMA indicator also briefly sagged towards it from the top near the $250 point. The Stochastic Oscillators show closed hairs consolidating in the oversold region to confirm the ongoing bearish trading situation for the Litecoin price as traded against the US Dollar.
Litecoin’s value sell-off, will it persist more under the bearish trendline?
Bearish conditions are dominating the market for the Litecoin /US fiat pair. Once the bigger SMA indicator is intercepted by the smaller SMA from above, the cryptocurrency will need to look for support underneath the level of $150. As of now, bulls are expected to muster up the energy for a renewed push towards the lower support area of the $100 level.
The $150 market-level now appears to be the key determinant trading zone between seeing probable ups and further sell-off continuation as indicated by the bearish trend-line. The current positioning of the SMAs on the chart indicates that the bears will still have the upper hand at the expense of bulls’, who at this point remain incapable of instigating a meaningful upswing to the level earlier mentioned.
Litecoin Price Prediction for LTC/BTC
In comparison, the daily chart shows that Bitcoin is gaining the advantage in the market when compared to Litecoin’s deepening sell-offs.
The present pace of the downturn is increasing to such an extent that no reliable trading pattern have formed to suggest a solid return of an uptrend in the crypto market any time soon. The bearish trend-line has slipped southward across the SMAs. The 14-day SMA trend-line is also now above the 50-day SMA indicator. In addition, the Stochastic Oscillators have dipped into oversold territory.
At this point, the support base may find some firmness, allowing LTC holders to possibly relax a little, with trading becoming more rangebound.
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