Litecoin Price Analysis – April 23

  • Litecoin price has broken the bullish trend line, but the trend might have reversed.

Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Bullish

Resistance: $154, $153, $152                                                                                                                                    

Support: $148, $149, $150  

Last week, the Litecoin price was bullish. On April 17, the bulls broke the resistance level at $130 and the price soared to the $153 level, but was resisted by the bears. Later, there was a pullback to the $144 low. The price correction took immediate effect and Litecoin was back above the $150 price level. Meanwhile, the RSI period 14 is level 60, which indicates that the price is in the bullish trend zone.

The Litecoin price is expected to rise to the next price level of $160 because of the bullish trend. Traders should initiate long trades at the current market price and place their stop loss at $140. The $140 price is a suitable support level because if it pulls back from the resistance level, it will find support at the $144 low.

LTCUSD Short-term Trend: Ranging

Litecoin, LTCUSD, CryptoCompare chart

In the daily chart, the Litecoin price is in a range bound movement. At $146, Litecoin was moving in a horizontal pattern before the price rose to $153. The price pulled back at that level and resumed its uptrend. Meanwhile, in the daily chart, the RSI period 14 is level 42, which indicates that the price is in the range bound zone of the market.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.