Litecoin Price Analysis – May 30

Azeez Mustapha
  • The asset broke the bearish trend line and the candlestick closed on the opposite of the trend line.
  • The implication is that Litecoin's bearish pressure may have ended.

Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Bullish

Resistance: $126, $124, $122

Support: $114, $116, $118

The Litecoin price was in a bearish market. On 27 May, the asset fell from $120 to $113. The asset's price level was sustained above $110 for four days in a range-bound movement. Litecoin was trading at $119.80 at the time of writing. However, as shown in the weekly chart, the asset made a bullish movement to $120.

The Litecoin price also broke the bearish trend line and the candlestick closed on the opposite of the trend line. The asset started a range-bound movement after the bullish trend. The implication is that Litecoin's bearish pressure may have ended. Litecoin traders can initiate long positions above $120 as soon as the price stabilises. Meanwhile, the relative strength index period 14 is level 42, indicating that the price is in a range-bound zone.

LTCUSD Short-term Trend: Bullish

Litecoin, LTCUSD, CryptoCompare chart

The daily chart shows that the Litecoin price made a bullish movement. The asset rose at $112 and later made a bullish movement to $122 when it resumed its range bound movement.

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