Litecoin Price Analysis – April 27
The daily chart shows the Litecoin price changing hands at the $100.59 level as the technical indicator RSI (14) may cross above 50-level.
LTC/USD Market
Key Levels:
Resistance levels: $120, $125, $130
Support levels: $80, $75, $70
LTC/USD has been experiencing several bad hits as the coin falls through multiple support levels since a few days ago. According to the daily chart, Litecoin (LTC) has been working on its recovery as the coin trades at $169.69 with 2.03% gains.
Litecoin Price Analysis: Would LTC Price Break to the Upside?
According to the daily chart, the Litecoin price is trading towards the 9-day and 21-day moving averages. Apart from this, bears are also making an effort to force their way back to the south. A break below the $100 level may cause the coin to hit the supports at $80, $75, and $70 support levels.
Meanwhile, if the bulls can gather enough strength and push the market above the 9-day and 21-day moving averages, then there are tendencies that Litecoin price may hit the resistance levels at $120, $125, and $130 respectively. Therefore, further movement above these key resistance levels could encourage more buying as the technical indicator Relative Strength index (14) moves to cross above 40-level.
When compared with Bitcoin, Litecoin remains below the 9-day and 21-day moving averages as the coin heads to the downside. However, the red line of 9-day MA is crossing below the green line of 21-day MA which may cause the coin to follow the bearish movement. Unless the bulls effectively push the market price above the moving averages, there might not be any reason to expect a long-term bullish reversal in the market.
Meanwhile, facing the lower boundary of the channel could refresh lows under 2500 SAT, and a possible bearish continuation may likely meet the major support at 2400 SAT before falling to 2300 SAT and below, while the potential resistance level could be located at 2900 SAT and above. In other words, the Relative Strength Index (14) crosses below 40-level to give more bearish signals.
