Litecoin Price Analysis – May 3
The Litecoin price Analysis could set a bullish run if the market can keep the coin above the resistance level of $100.
Resistance levels: $120, $125, $130
Support levels: $80, $75, $70
LTC/USD is running a little retracement move above the resistance level of $100 with a price growth of 0.53%. For the fact that the coin is recording a slight gain, the Litecoin price may follow a sideways movement within the channel if the coin crosses above the 9-day and 21-day moving averages. Meanwhile, traders can expect the price to continue to rise if the bulls put more pressure on the market.
Litecoin Price Analysis: Litecoin (LTC) May Move Upside
The Litecoin price is hovering towards the 9-day moving average at $101.18. If the price begins to create a bullish movement, traders can then expect a bullish continuation towards the upper boundary of the channel. Meanwhile, as the technical indicator Relative Strength Index (14) crosses above 40-level, the possible resistance levels could be found at $120, $125, and $130.
However, if the coin follows the bullish movement for the next couple of days, traders may witness more of higher levels. At the moment, the Litecoin price is creating a bullish movement in the short term. On the contrary, any bearish movement towards the south could roll the coin back to the long-term support at $80, $75, and $70 levels.
Against Bitcoin, Litecoin may continue to follow the sideways movement but cross below the 9-day moving average. However, there is a need for an increasing volume and resistance to cause an upsurge in the market. At the moment, Litecoin (LTC) is trading around the 2613 SAT. Therefore, traders can expect close support at 2300 SAT and below.
However, if a bullish move pushes the price above the 21-day moving average; traders can, then confirm a bull run for the coin. Moreover, the closest resistance may be located at 2900 SAT and above while the technical indicator Relative Strength Index (14) may cross above 50-level, suggesting bullish movement.