Litecoin Price Analysis – May 29
The Litecoin price is currently changing hands at $66.56 as the technical indicator RSI (14) crosses above the 40-level.
LTC/USD Market
Key Levels:
Resistance levels: $90, $100, $110
Support levels: $40, $30, $20
LTC/USD is currently trading around $66.56, once it manages to surpass the potential resistance of $68, the next target is located at $70 where it could trade above the 9-day and 21-day moving averages. However, a push from here could send the price straight to around $80. If the current level fails to hold strong, the Litecoin (LTC) could slip below the lower boundary of the channel.
Litecoin Price Analysis: Would Litecoin Shoot to the Upside?
The Litecoin bulls are now coming back into the market, if the buyers can put more effort and push the market price above the 21-day moving average, LTC/USD may likely hit the potential resistance levels of $90, $100, and $110 respectively. However, any bullish movement above these key resistance levels may likely encourage further buying.
Moreover, any bearish movement below the channel could provoke an even deeper decline towards the critical supports at $40, $30, and $20. Meanwhile, looking at the technical indicator Relative Strength Index (14), Litecoin may exhibit the tendencies to follow an upward trend as the coin crosses above the 45-level, suggesting that the market may shoot to the upside.
Against Bitcoin, the Litecoin price is attempting to cross into the positive side which could allow the coin to hit the nearest resistance at 2200 SAT. Therefore, unless this resistance effectively holds and the price ends up closing above it, there might not be any reason to expect a long-term bullish reversal.
However, sliding below the lower boundary of the channel could refresh lows under 2000 SAT as a possible bearish continuation may likely meet the major support at 1900 SAT and below. Whereas, the buyers may push the coin to the potential resistance at 2500 SAT and above. The technical indicator Relative Strength Index (14) is ready to cross above the 40-level, suggesting a bullish movement.
