Litecoin Price Analysis – May 1

Litecoin Price Analysis – May 1

LTCUSD Medium-term Trend: Ranging

Resistance: $152, $150, $ 148                                                                                                                            

Support: $140, $142, $144

Yesterday, April 30, price Litecoin price was trading above the $150 level.

It was stated that if the bulls do not sustain a hold on the price, Litecoin may fall to the low of the previous level. On the other hand, if the price continues its range-bound movement, there is a possibility of another breakout. Today, Litecoin price is currently trading at $145.77. However, the weekly chart shows that the price found a support at $145. This is the third time the price will be testing that level.

Another aspect is that it has established a trading range. The asset now trades between the resistance level at $155 and the support level at $145. There is a tendency for the price to break any of these levels. However, if price breaks the support level, Likecoin may fall to $140. But if the bulls break the resistance level at $155, the price is likely to reach the $160 high and above.

LTCUSD Short-term Trend: Bearish

Litecoin, LTCUSD, CryptoCompare chart

The daily chart shows that the Litecoin price was bearish after it fell from a range-bound movement. At $144, it started a range bound movement and later a bullish movement. Litecoin price is expected to rise.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.