Litecoin Price Analysis – May 3

Azeez Mustapha
  • The bulls were in control of the market but at a price of $154.49, just at the breakout point, they were resisted by the bears. Another range-bound movement will continue until a breakout is achieved.

Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Ranging

Resistance: $150, $149, $148                                                                                                                             

Support: $144, $145, $146

Yesterday, May 2, the price of Litecoin was also in a ranging market. Price of the asset is ranging from the resistance level at $155 and the support level at $145. However, neither of the bulls nor the bears have the opportunity of breaking any of the levels. Litecoin is currently trading at $154.49 as at the time of writing. From the weekly chart, price of Litecoin is in a bullish market.

The bulls are in control of the market and they are about breaking the resistance level at $155. Today if the bulls succeed in breaking the resistance level, price may reach the high of $ 180. But if the bulls are again resisted  by the bears and  price breaks the support  level at $145; then Litecoin may  fall to its low  at $114.

LTCUSD Short-term Trend: Ranging

Litecoin, LTCUSD, CryptoCompare chart

In the daily chart, the bulls were in control of price and they made their way to the resistance level at $155. However, they were resisted and there was a price pullback. Meanwhile, the relative strength index period 14 is level 31 which indicates that the market is oversold suggesting bulls to take control of the market.

 

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