LTCUSD Medium-term Trend: Bearish
Resistance: $142, $140, $138
Support: $130, $132, $134
Last week, the price of Litecoin had been stable at $160, since the bearish breakout from the high of $183, on May 5th. However, last Friday Litecoin had a bearish breakout that made price to fall to the low of $143. Nevertheless, it was assumed that if the asset declined further and broke the support level at $140, the asset would reach the low of $131. The price of Litecoin is currently trading at $137.55 as of the time of writing.
However from the weekly chart we can see that the price of the asset actually declined further to the low of $133 on May 12th, and later made a bullish movement above the price level of $140. The price of the asset fluctuates now between the support level at $130 and the resistance level at $150. Meanwhile, the relative strength index period 14 indicates that price is in the bullish trend zone.
If price of the asset continues with its fall, the support level at $140 will be broken, and the price will reach the lows of $133 and $130.
LTCUSD Short-term Trend: Ranging
On the daily chart, the price of the asset is in a ranging market. At a low of $136, the price made a bullish movement to the high of $146 and commenced a range bound movement. It is likely that the price will continue its range bound movement between the levels of $136 and $146 pending a possible breakout. The support level is likely to be breached.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.